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Artist Akon Loves BTC And Says, “It’s Controlled By The People” (#GotBitcoin?)

Akon — you know, the artist behind songs like “Don’t Like Me” and “Lonely” — is a fan of Bitcoin. Artist Akon Loves BTC And Says, “It’s Controlled By The People” (#GotBitcoin?)

Long Bitcoin, Short The Bankers! Why Artist Akon Loves BTC

This week, the (dare I say) legendary music producer took to the “The Breakfast Club”, a prominent radio show followed by literal millions, to talk Bitcoin and cryptocurrency. And interestingly enough, he seems to have digested what makes decentralized forms of money better than their centralized counterparts. In other words, he’s “woke”.

The Currency Of The People

“Cryptocurrencies are actually much more stable than fiat money” may read like any old tweet from a Bitcoin maximalist, but this was the opening declaration Akon made during his interview.

As he explains, unlike government-issued fiat money, Bitcoin is “ultimately more controlled by the people” than the dollar, having a decentralized verification model and a transparent issuance/inflation schedule.

Indeed, anyone with the proper technological capability can download the Bitcoin Core software, run a full node, and become a miner. The people decide on the rules.

Fiat, on the other hand, is a system that is run by a group of central bankers and government authorities that have no oversight, can make decisions behind closed doors, and aren’t really stuck to a set of rules like with Bitcoin.

Just look to the current macroeconomic environment, which, as Ikigai’s Travis Kling has put it is “wacky”. Negative interest rates have become the norm for the first time in history and governments the world over have sovereign debt to GDP ratios of over 100%.

Akon touched on this, remarking that the loss of the gold standard has made it so society has to rely on the government to infuse, say, the U.S. dollar with value. As he added, dollars are “unbacked”.

While the celebrity did admit that Bitcoin is somewhat the same in that its value is derived from human interest, he committed to the idea that Bitcoin is a people’s currency.

Akon’s interview has already been listened to by hundreds of thousands of people on Youtube — and who knows how many more on other mediums. As a commenter under the interview wrote on Youtube, “millions just got exposed to crypto”.

Whether or not they understood what Akon was putting down isn’t clear. But, cases of public awareness like this, as subtle and under the radar they may seem, are likely important in the road to full-fledged Bitcoin adoption.

Not The First Pro-Bitcoin Rapper

Akon, notably, isn’t the first rapper that has delved in the cryptocurrency game.

Lil’ Pump of, uh, “Gucci Gang” fame earlier this year began to accept Bitcoin payments made through the Lightning Network through his clothing brand, Unhappy. Royce Da 5’9′ name-dropped Bitcoin during his feature on Eminem’s “Kamikaze” album last year. Snoop Dogg accepted Bitcoin payments for his albums in 2013. And Fitty, sorry Fifty Cent once claimed that he had made $8 million off the BTC craze of 2017.

Updated: 3-15-2020

Rapper Akon Shares Whitepaper For Upcoming Cryptocurrency

Rapper and entrepreneur, Akon, shared the whitepaper for his upcoming ‘Akoin’ cryptocurrency project exclusively with Cointelegraph.

The document describes Akoin as a cryptocurrency “designed for entrepreneurs in the rising economies of Africa and beyond,” adding that the project’s mission is to “unlock the potential of the world’s largest growing workforce” using blockchain technology.

Mobile Credit Trading In Africa

The whitepaper describes Akoins as utility tokens that power “atomic swaps” between cryptocurrencies, fiat currencies, and mobile phone credits on the Akoin network.

Speaking with Cointelegraph, Akon emphasized that mobile credits are being used as a currency in Africa, stating:

“We have so many currencies in Africa – a lot of them are unstable, and most of them are untrusted. It got to the point where the day-to-day African people don’t even use the currencies anymore, they’re using their cell phone minutes and credits as a way of trading for basic goods like produce, fish, fruits and things on the market.”

“Ultimately, outside of the villages, you really can’t trade cell phone minutes for anything,” he continued. “So we want to utilize that same mindset to take advantage of that mechanism outside of Africa – so even when they leave the continent, they can be able to utilize all of their credits and really be able to purchase real things.”

Akoins Used To Pay Fees On Network

The token is also used to pay for fees for listing applications, transaction fees, fees for advertising on the platform, and as a means of exchange across the network.

Akoin will be launched on top of the Stellar (XLM) network. Tokens can be held in both Stellar and Akoin wallets.

The whitepaper also notes that private transactions “processed on the Akoin ecosystem” incur a fee of 2.5%.

Bitminutes To Launch Dapp On Akoin Network

The platform seeks to host an ecosystem of decentralized applications (Dapps), with the Akoin Foundation pledging to support and invest in Dapps that build on top of the Akoin network.

The platform has partnered with peer-to-peer payments and mobile credit exchange platform, BitMinutes, who are working toward launching an app on the network.

The whitepaper identifies several industries that the Akoin team believes can flourish using decentralized applications to target the African market – including mobile credit trading, micro-lending, phone credit trading, solar energy trading, media sharing, and healthcare.

Akoin To Distribute 10% Of Tokens Through IEO

Only 10% of Akoin tokens will be distributed via an initial exchange offering (IEO).

The whitepaper states that the IEO will be conducted in partnership with a “top tier cryptocurrency exchange” during the second quarter of 2020, as per the terms of “an agreement with the unnamed exchange partner.

The IEO is slated to distribute 45 million Akoins at $0.15 each, giving the offering a hard cap of $6.75 million. IEO participants will need to contribute in the form of XLM.

Akoin Token Distribution

The remaining 90% of Akoins supply will be distributed among advisors — who will receive 5%, the team and foundation — with 10% each, the Akoin Wallet Retail Exchange — with 15%, and the treasury — with 20%.

The remaining 30% of supply which will be placed in Akoin’s escrow fund, from which 2% will be released each month for 48 months.

The total supply is planned to be released over four years, however, the paper notes that this will be subject to change based on “Escrow tokens being placed back into Escrow if they are not needed in the month they are released.”


Akon also in the early stages of building “Akoincity” on 2,000 acres of land provided to the project by the president of Senegal. Akon predicts that the city’s construction will be complete in five to ten years.

Once complete, the rapper plans to construct additional Akoincities in every major African country in a bid to unify the African economy.

Updated: 3-18-2020

Akon’s Crypto Project Adds Financial Infrastructure Outfit Delchain As Partner

Akoin, a cryptocurrency project from famous singer Akon, has joined up with blockchain financial infrastructure company Delchain.

“Bahamas-based digital asset management leader Delchain, an affiliate of Deltec, has provided strategic advisory services and expertise in connection with Akoin’s token generation event on a top tier exchange, scheduled for Q2 of 2020,” Akoin president and co-founder Jon Karas said in an email to Cointelegraph.

Delchain is reportedly associated with Deltec Bank and Trust Limited.

Akoin Helps People In Asset Maneuvers

Constructed on Stellar’s blockchain, Akon’s crypto endeavor aims to provide utility tokens for atomic swaps, allowing parties to transition across various digital assets and fiat currencies, among other things, according to a copy of the project’s white paper shared with Cointelegraph.

Akon described current monetary difficulties in Africa, including unstable and unstable currencies. The singer even said the country’s citizens often barter with cell phone minutes and credits in exchange for products and food.

“Akoin is a blockchain ecosystem and cryptocurrency designed to fuel rising entrepreneurs in Africa and beyond,” Akoin COO and co-founder Lynn Liss told Cointelegraph in an email, adding:

“Akoin’s mission is to unlock the potential of the world’s largest growing economy by creating revenue- generating opportunities and stimulating innovation, entrepreneurship, economic stability, and growth across Africa and other lean economies.”

Delchain Delivers Know-How

Delchain adds depth in a number of areas for Akoin. The outfit brings “Industry best practices, financial services and top tier relationships related to digital asset management, token generation events and token custody management and services,” Karas explained.

“We decided to partner with Delchain, Delchain being one of the most prolific financial facilities in the crypto world,” Akon said in a statement provided to Cointelegraph.

He Added:

“When we met with them it was more so about allowing them to understand what we are trying to do in Africa, the kind of challenges that they will be facing, that most banks and financial facilities aren’t willing to take at the moment.”

Since Bitcoin’s inception more than a decade ago, many famous personalities have jumped into the crypto space with ties to various products, including Johnny Depp’s partnership with crypto social platform TaTaTu, and 50 Cent’s allowance of Bitcoin in album sales.

Some of these celebrity-involved crypto dealings have gone south, however, as was the case with Floyd Mayweather, who faced action from the U.S. Securities and Exchange Commission, or SEC, for his ICO advertising.

Updated: 4-16-2020

Akon on Africa and Akoin — ‘This Is Bulls**t: We Need Our Own Currency’

Akon takes the stage at the Blockdown Virtual Conference this evening as one of the most influential figures in blockchain’s shift from niche financial tool for techies to the mass adoption of digital currencies. The creator of Akoin discussed the reasons for his transition from music sensation to philanthropist and crypto-entrepreneur with Cointelegraph Magazine.

“The Mandelas… the Bob Marleys… There have been people fighting for us all the way from the Martin Luther Kings to the Malcolm X’s.”

And now, Akon wants to take that fight further.

Although he has been aware of cryptocurrencies since meeting Brock Pierce back in 2010, the notion that they could be used to fight government corruption in Africa took hold later.

How A Little Change Inspired A Lot Of Change

For Akon, the inspiration struck on a flight from Senegal to France as he returned from spending time on Akon Lighting Africa, a program that provides solar-powered lighting solutions in African countries.

“I had a pocket full of CFA, which is our local currency. I was rushed to the airport and didn’t get a chance to transfer it while I was at the airport, so I was like, I’ll just wait until I get to France and I’ll trade it over.”

But although France had created the currency, Akon found it to be useless when he landed there.

“They told me, ‘Well, I’m sorry we can’t trade that.’” And when Akon questioned that statement, the answer led to the idea for Akon City, a ‘sustainable eco-tourism smart city’ in Senegal.

Because the answer he was given about his pocketful of change was truly revealing: “It has no value.”

“And at that moment, I was like, okay. Something has to be done about this. This is just bullshit. I’m not standing for this. We have to have our own currency.”

“That was a moment that made me fully engaged.”

Updated: 4-18-2020

Journeys in Blockchain: Akon of Akoin and Akon City

“And at that moment, I was like, okay. Something has to be done about this.

This is just bullshit. I’m not standing for this. We have to have our own currency.

Akon hasn’t done it all. But you get the distinct feeling he’s on the right path.

The five-time Grammy-nominated singer, songwriter, producer, actor, and philanthropist is the archetype of the Renaissance Man. Everything he touches seems to turn to gold — or platinum. And in his latest incarnation, as the Akoin crypto-evangelist looking to create an entire city in Senegal as a model for African financial empowerment, he is taking on the biggest challenge of his life.

The Senegalese-American artist has found enormous success in his musical career, selling more than 35 million albums worldwide. The smash single “Locked Up,” released in 2003 on his debut album Trouble, has made a comeback during the current global lockdown experience.

Akon has collaborated with many of the biggest names in the history of music, including icons like Michael Jackson, Dr. Dre, Snoop Dogg and Lady GaGa. His phenomenal success in the music industry has acted as a springboard to other ventures, expanding his influence to philanthropy, social action, and crypto-entrepreneurship on a grand scale.

We Are Givers, First And Foremost

Akon reflects on his family’s influence in helping him find his calling, describing his upbringing as the main factor in the development of his character. “My parents were always very giving people.” Giving, he says, “is something that people do every week automatically.”

“Even in our everyday normal lives, we’re just givers. We just don’t know how to not give.” He says this generosity stems back to the common struggle of growing up in an impoverished environment.

“When you grow under a specific type of struggle and you know what that feels like, you just don’t want others to feel that. You don’t want others to go through that process.”

This has motivated Akon to respond proactively. “If you’re in a position where you can dilute a lot of the struggle from people, I think it’s just something you naturally take on; a responsibility for them.”

Akon credits his spirituality as the greatest driving force in the roles he has chosen in life. “My dad always made sure we kept God first in everything that we did.” His grandparents instilled this priority in the family, he says. “Living in Senegal, a very spiritual country, we’re surrounded by our spirituality every single day.” God’s blessing, he explains, has allowed him to be in a position to have a great impact. “I always try to put God first in everything that I’m doing.”

Akon is optimistic about how he can change the future for the better, but he wasn’t always so confident. “Early in my life, this is something I thought could never be possible. I never thought that big.” When he became an artist and began traveling the world, he explains that he began to see the impact he could have on people. Akon was struck with a feeling of empowerment.

“Now I aim for the stars. If I reach the sky, I’m happy.”

One Step Ahead Of The Tech

“I was more of a hustler, an entrepreneur, before I even got into music. I always looked at music as a vehicle to open doors for bigger business. That concept always rolled with me.” Akon says this entrepreneurial spirit carried over into the crypto world, where it created even greater opportunities.

It’s a case of greater risk resulting in greater reward, he says. “I was always the guy willing to take risks.” Akon explains he has consistently anticipated, and positioned himself, ahead of the trends. The one who gets in first gets to maximize the opportunity.

It turns out that his creative strengths, while most often associated with his musical talent, enhance his ability to attack entrepreneurial problems with novel ideas. “A lot of my thought process, even as an artist, was trying to work my way into the future and get ahead of technology before it actually flooded the market.

The trick, Akon says, was to understand new technologies before others saw them coming. As the age of flip-phones neared its end, he employed this foresight and his influence in the music industry to begin selling cellphone ringtones, which played snippets of his singles — for a fee.

“While everyone was selling singles and albums, I was more focused on the ringtone aspect of it.” Akon took an analytical approach to the growing trend. “I looked at the ratio: a ringtone plays for 15 seconds for $4.99 and you’ve got a full single that plays for a full four minutes for $1.99… It made a lot more sense to focus on the ringtone!”

The burgeoning ringtone market became a significant source of revenue for Akon and, in an instance of the tech-creative symbiosis that pervades his work, promoted singles as they were released to the market. To this day, Akon is recognized by the Guinness World Book of Records as the top-selling artist of master ringtones.

This success piqued Akon’s interest in “looking at everything from a digital standpoint” he says, as he saw the future becoming dominated by digitization. Akon envisioned this trend carrying over from the musical side of his experience to modern digital currencies. It was something, he says, he kept in the back of his head, until crypto became the new topic of conversation in his circles.

The Lightbulb Moment

The problem, Akon says, boils down to inefficiencies and inequalities created by the modern fiat currency system, especially in Africa. Currencies cannot be trusted across the continent, because they cannot be utilized outside local economies. “When you left the country, that currency didn’t have any value whatsoever. That was another thing that really bothered me.”

The lightbulb moment for Akon was more literal than for some polymaths. It happened on a flight from Senegal to France after working on Akon Lighting Africa, a program that provides solar-powered lighting solutions in African countries.

“I had a pocket full of CFA, which is our local currency. I was rushed to the airport and didn’t get a chance to transfer it while I was at the airport, so I was like, I’ll just wait until I get to France and I’ll trade it over.”

Akon arrived in France with his CFA cash “which is the money the French actually created for us to trade in, right?” He approached the currency trading podium to exchange his money for Euros, but was turned away. “They told me, ‘Well, I’m sorry we can’t trade that.’ And I said, ‘Why?’”

“Well, it doesn’t have any value.”

Akon was incredulous. This money, a French currency made for the people of Senegal, was not worth anything in France. He was told he would have to wait to trade it once he returned to Senegal.

“And at that moment, I was like, okay. Something has to be done about this. This is just bullshit. I’m not standing for this. We have to have our own currency.”

“That was a moment that made me fully engaged.”

Innovation To Drive Freedom

More important to Akon than material wealth, he explains, are the principles of access, control, and transparency in society. Looking at the situation in Africa, he says, economies often lack those qualities, which was the main reason he created the Akoin cryptocurrency.

“Transparency was a huge challenge there,” he says, noting that governments frequently withheld information from citizens. “Reason being, there was a lot of corruption going on and they wanted to hide the fact they were corrupt.”

The innovation of digital ledger technology and its immutable, transparent, and decentralized qualities seemed a perfect fit for the problem to Akon. “I understood that if we could get transparency activated within the community, it would completely delete the corruption itself.”

Cryptocurrency “not only creates a dashboard that allows you to use it everywhere around the world, but it also plays the exact role that it needs to play within the African community, that allows it to be transparent and open. It gives you a currency that can be trusted by the people because it’s more controlled by the people.”

The novice crypto-entrepreneur met with Brock Pierce, a fellow artist-turned-entrepreneur around 2010. Pierce educated him on Bitcoin and blockchain technologies long before they became mainstream topics of conversation, and connected Akon with others who would help him “pull all this together,” he says.

Jon Karas, now president and co-founder of Akoin, had teamed up with Akon in previous business endeavors and offered to help him get the ball rolling. Akon explains, “he was looking to do some crazy innovative stuff with me.”

Akon’s goal was to develop a new currency, dubbed Akoin, which he hopes will become “the African coin.” Karas offered his support, finding the right partners and the workforce to create the new currency platform.

Bright Lights, Smart City: Building In Senegal

Akon is now busily closing out partnerships for the building of the digital currency-driven Akon City in Senegal. The city will operate with the Akoin currency as its transparent trading mechanism. Financing, construction and independent contractors are all getting set to go, with construction due to begin in January 2021.

This Is Not A Part-Time Role. With Akon City, He Says:

“Everything runs and moves through me to an extent. It’s taking up all my time. That’s why you guys haven’t got any new music yet. It’s all I’m doing.”

Akon hopes to ignite ideas about what tomorrow’s Africa will look like. With many countries around the world facing similar challenges, he says Africa is the perfect case-study for the innovations.

“More than anything, it was a dream of mine to have my own city and be able to put myself in a position where I can create environments that I always wanted to be in myself.”

Akon envisions a fully transformed society with education and health care systems that would “create opportunities for people that most countries take for-granted.” The goal then, he says, is to create better living conditions, with safer and more transparent systems that allow people to live more comfortably. “I think with Akon City, we can accomplish that.”

Akon is especially grateful for his supporters and for the team that continues to work with him in the building process. “The team we put together is sacrificing a lot. Until we launch this thing and it actually starts creating revenue, these guys are all donating their time, efforts and knowledge just to help me fulfill my dream. I want this thing to be super-successful, so I can pay that back.”

From Mandela And Marley To Martin And Malcolm

Akon feels strongly about giving full credit to those who came before us in history: freedom fighters who tried to make a difference.

“The Mandelas… the Bob Marleys… There have been people fighting for us all the way from the Martin Luther Kings to the Malcolm X’s.” These people propelled society forward, he says, shedding light on issues that weren’t being addressed openly. “They were very young when they created these heavy movements, and they sacrificed more than they should have.”

Akon urges, “If we don’t follow in their steps, to bring their fights to the forefront or to try to help continue on where they left, then a lot of their efforts were in vain. That’s in every sector, every nationality, every group of people; we all have people like that who fought for us.”

He recognizes his far-reaching influence comes with great responsibility. “When you are put in a position where millions of people listen to what you have to say or they’re impacted by things that you do, I don’t think it’s a choice that you make any more. It’s bigger than you at that point.

Now, you just have to fulfill a responsibility, paying back the blessings that were given to you.”

Updated: 6-17-2020

Akon’s Crypto City Moves Ahead Awarding $6B Construction Contract

A U.S. engineering firm awarded singer and entrepreneur Akon with a $6 billion contract to build a crypto city in Senegal.

United States engineering firm KE International awarded Senegalese-American singer and entrepreneur Akon with a $6 billion contract to build a cryptocurrency city in Senegal.

According to a June 4 announcement, KE International secured $4 billion from investors for the first two phases of Akon City’s construction. Akon first announced plans to build the city in January. The firm has now confirmed the deal and added more details about the project.

A crypto-driven City

The first phase of Akon City’s development is expected to be completed by the end of 2023. By the end of this phase, the complex will include a mall, residences, hotels, a police station, a school, a waste facility, a solar power plant, and a hospital campus.

The second phase is expected to be completed in 2029 and is expected to deliver a complete city entirely running on the Akoin cryptocurrency. As Cointelegraph reported in mid-March, Akoin is a cryptocurrency designed for entrepreneurs in developing countries such as Africa.

KE International is also managing the construction of the $2 billion Mwale Medical and Technology City in Western Kenya. The project started in 2014 and is expected to be completed at the end of the year.

The complex is already 85% complete and includes a 5,000-bed hospital, which opened to the public last year.

Interestingly, this hospital also partnered with Akon to leverage its Akoin cryptocurrency for transactions.

Updated: 7-6-2020

Akon’s DLT Startup To Set Up A Blockchain Hub In Kenya In Q4 2020

A joint initiative of Akon’s Akoin and Dutch Effect.AI, the Kenyan Opportunity Hub will promote blockchain education and new work opportunities.

Akon, a famous Senegalese-American musician and a known blockchain supporter, is setting up a blockchain hub in Kenya.

Dubbed the “Kenyan Opportunity Hub”, the new venture aims to promote blockchain and artificial intelligence, or AI, education. They also hope to provide Kenyans with more work opportunities.

First African Blockchain Hub Launched By Akoin And Effect.AI

A joint initiative of Akon’s blockchain startup Akoin and EOSIO-powered project Effect.AI, the hub is set to launch in Q4 2020 and will be the first initiative of its kind in Africa, the companies announced to Cointelegraph on July 1. The project will be handled by Akon’s philanthropic arm, the Akon Foundation.

The Kenyan Opportunity Hub will be the first African blockchain hub in a series of so-called Akon-Effect Opportunity Hubs. At these hubs, people will be able to access AI and blockchain-related education as well as online work paid in cryptocurrency on Effect.AI’s blockchain platform.

According to a joint announcement, the hub is likely to be located near Mwale Medical and Technology City, a project run by United States engineering firm, KE International. By building the hub close to Mwale, the creators intend to unlock more work opportunities like tech-powered medical record translation.

Effect.AI Runs A Similar Hub In The Country Of Georgia

As announced, the Kenyan Opportunity Hub will benefit from the experience of a similar Effect.AI’s hub that is already operating in Rustavi, Georgia.

Launched in partnership with the United Nations Development Program in 2019, the initiative seeks to boost industry job opportunities and promote tech knowledge. Headquartered in the Netherlands, Effect.AI project is a decentralized AI network operating on the EOS blockchain.

Cointelegraph reached out to Effect.AI and Akoin to find out more about the Kenyan blockchain hub initiative. This article will be updated pending any new information.

Akon’s “Crypto Revolution” Plans

News of the Kenyan blockchain hub comes soon after Akon was awarded a $6 billion contract to build a cryptocurrency city in Senegal. The project envisions the construction of a “100% crypto-based city” featuring Akon’s Akoin cryptocurrency.

Akon’s ambitious plans on pushing mass adoption of blockchain technology in Africa is part of his long-running African “crypto revolution.” Alongside plans to build crypto cities and hubs in Africa, Akon is also planning to issue his own cryptocurrency to enable the tokenized trading of mobile phone credits, which are used as a currency in Africa.

The upcoming token, known as Akoin, is planned to be issued on the Stellar blockchain. The utility token will power “atomic swaps” between crypto, fiat, and mobile phone credits on the Akoin network.

Updated: 11-12-2020

Akoin Rolls Out To Kenyan Tech City In First Step Toward Akon City

The launch coincides with an AKN token listing on the Bittrex cryptocurrency exchange.

Akoin, the cryptocurrency project of American-Senegalese musician Akon is launching imminently in the $2 billion Mwale Medical Technology City, or MMTC, in western Kenya.

As a newly built city centered around a state-of-the-art medical and technology complex, MMTC would seem to be the ideal proving ground for the currency, ahead of it becoming the official currency of Akon City, currently under development in Senegal.

During the pilot stage, starting later this month, residents will be able to pay and be paid using Akoin, and instantly convert the currency into cell phone minutes or other forms of exchange.

While the initial roll out will be invite-only, it is projected to see 30,000 transactions per month, through the implementation of atomic swaps, merchant services and an Akoin debit card.

By mid-2021, a wider roll out to 35,000 residents, workers at the 5,000-bed Hamptons Hospital and 2,000 merchants is forecast to increase the service’s volume to 1.5 million transactions per month.

The launch of Akoin in MMTC coincides with its Nov. 11 listing on the Bittrex cryptocurrency exchange, enabling the AKN token to be traded globally.

It marks the first step toward ambitions of increased usage of the cryptocurrency throughout Africa and potentially the rest of the world. In a joint statement, Akon and MMTC founder Julius Mwale said:

“We believe the platform can make serious headway in bringing millions of people into the formal economy, which is a critical step for economic growth.”

As Cointelegraph reported, the Akon Foundation is also setting up a blockchain hub, dubbed the “Kenyan Opportunity Hub” in Mwale Medical Technology City.

Construction on Senegal’s Akon City, where Akoin will be the major currency, is set to begin next year with a projected completion of 2030.

Akoin is described as a utility token, powering atomic swaps between cryptocurrencies, fiat and mobile phone credits, which are a popular store of value in many developing countries.

Updated: 8-5-2021

Akon’s Akoin Pilot Heralded A Success, Eyes Countrywide Rollout In Kenya

MMTC founder Julius Mwale and Akon are expected to be in attendance at next month’s major launch event that will unveil Akoin’s national rollout across Kenya.

Akoin, the cryptocurrency project developed by Senegalese-American singer Akon, has achieved success in its initial pilot testing at western Kenya’s Mwale Medical Technology City, or MMTC, setting the stage for a national rollout beginning next month.

The pilot, which began in November 2020, is expected to pave the way for $5 million worth of transactions per month at MMTC, according to a spokesperson for Mwale Medical Technology City. As Cointelegraph reported, the pilot stage allowed residents to pay and be paid using Akoin and have the transactions converted immediately into cell phone minutes or other forms of exchange.

Full implementation is expected to begin in September, and monthly transactions are projected to surge, possibly reaching $2 billion by 2022. By that time, Akoin will become the only platform for business transactions in the city.

Akoin is a cryptocurrency designed to help entrepreneurs, business owners and social activists transact locally without many of the impediments that inflict emerging markets in Africa.

For full implementation to be successful, the Akoin project is targeting 5,000 workers within the first six months and 20,000 workers by the end of 2022. MMTC is scheduling a “major launch event for September” that will introduce Akoin for wider acceptance. The spokesperson explained:

“A major launch event scheduled for September will include the launch of a new hospital wing in MMTC and the activation of Akoin across 5,000 beds at the Hamptons Hospital and 30,000 transactions per month, utilizing Akoin’s Atomic Swap technology, Merchant Services and Akoin Credit and Debit Cards.”

The spokesperson further explained that, by the end of 2022, Akoin is expected to become the “second most popular payment platform after M-Pesa,” a mobile-phone-based money transfer and micro-financing service popular in Africa and other parts of the developing world.

Mwale Medical Technology City is described as a newly built city encompassing a state-of-the-art medical and technology complex. The pilot testing of Akoin was seen as a stepping stone for the cryptocurrency being adopted by the highly ambitious Akon City project in Senegal.

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Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)

Would Blockchain Better Protect User Data Than FaceApp? Experts Answer (#GotBitcoin?)

Just The Existence Of Bitcoin Impacts Monetary Policy (#GotBitcoin?)

What Are The Biggest Alleged Crypto Heists And How Much Was Stolen? (#GotBitcoin?)

IRS To Cryptocurrency Owners: Come Clean, Or Else!

Coinbase Accidentally Saves Unencrypted Passwords Of 3,420 Customers (#GotBitcoin?)

Bitcoin Is A ‘Chaos Hedge, Or Schmuck Insurance‘ (#GotBitcoin?)

Bakkt Announces September 23 Launch Of Futures And Custody

Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)

Researchers Find Monero Mining Malware That Hides From Task Manager (#GotBitcoin?)

Crypto Dusting Attack Affects Nearly 300,000 Addresses (#GotBitcoin?)

A Case For Bitcoin As Recession Hedge In A Diversified Investment Portfolio (#GotBitcoin?)

SEC Guidance Gives Ammo To Lawsuit Claiming XRP Is Unregistered Security (#GotBitcoin?)

15 Countries To Develop Crypto Transaction Tracking System: Report (#GotBitcoin?)

US Department Of Commerce Offering 6-Figure Salary To Crypto Expert (#GotBitcoin?)

Mastercard Is Building A Team To Develop Crypto, Wallet Projects (#GotBitcoin?)

Canadian Bitcoin Educator Scams The Scammer And Donates Proceeds (#GotBitcoin?)

Amazon Wants To Build A Blockchain For Ads, New Job Listing Shows (#GotBitcoin?)

Shield Bitcoin Wallets From Theft Via Time Delay (#GotBitcoin?)

Blockstream Launches Bitcoin Mining Farm With Fidelity As Early Customer (#GotBitcoin?)

Commerzbank Tests Blockchain Machine To Machine Payments With Daimler (#GotBitcoin?)

Bitcoin’s Historical Returns Look Very Attractive As Online Banks Lower Payouts On Savings Accounts (#GotBitcoin?)

Man Takes Bitcoin Miner Seller To Tribunal Over Electricity Bill And Wins (#GotBitcoin?)

Bitcoin’s Computing Power Sets Record As Over 100K New Miners Go Online (#GotBitcoin?)

Walmart Coin And Libra Perform Major Public Relations For Bitcoin (#GotBitcoin?)

Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)

Poll: If You’re A Stockowner Or Crypto-Currency Holder. What Will You Do When The Recession Comes?

1 In 5 Crypto Holders Are Women, New Report Reveals (#GotBitcoin?)

Beating Bakkt, Ledgerx Is First To Launch ‘Physical’ Bitcoin Futures In Us (#GotBitcoin?)

Facebook Warns Investors That Libra Stablecoin May Never Launch (#GotBitcoin?)

Government Money Printing Is ‘Rocket Fuel’ For Bitcoin (#GotBitcoin?)

Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)

Safeway Shoppers Can Now Get Bitcoin Back As Change At 894 US Stores (#GotBitcoin?)

TD Ameritrade CEO: There’s ‘Heightened Interest Again’ With Bitcoin (#GotBitcoin?)

Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)

Newegg Adds Bitcoin Payment Option To 73 More Countries (#GotBitcoin?)

China’s Schizophrenic Relationship With Bitcoin (#GotBitcoin?)

More Companies Build Products Around Crypto Hardware Wallets (#GotBitcoin?)

Bakkt Is Scheduled To Start Testing Its Bitcoin Futures Contracts Today (#GotBitcoin?)

Bitcoin Network Now 8 Times More Powerful Than It Was At $20K Price (#GotBitcoin?)

Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg (#GotBitcoin?)

“Bitcoin An ‘Unstoppable Force,” Says US Congressman At Crypto Hearing (#GotBitcoin?)

Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April (#GotBitcoin?)

Cryptocurrency Startups Get Partial Green Light From Washington

Fundstrat’s Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good (#GotBitcoin?)

Bitcoin Lightning Nodes Are Snatching Funds From Bad Actors (#GotBitcoin?)

The Provident Bank Now Offers Deposit Services For Crypto-Related Entities (#GotBitcoin?)

Bitcoin Could Help Stop News Censorship From Space (#GotBitcoin?)

US Sanctions On Iran Crypto Mining — Inevitable Or Impossible? (#GotBitcoin?)

US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill In Congress (#GotBitcoin?)

EU Central Bank Won’t Add Bitcoin To Reserves — Says It’s Not A Currency (#GotBitcoin?)

The Miami Dolphins Now Accept Bitcoin And Litecoin Crypt-Currency Payments (#GotBitcoin?)

Trump Bashes Bitcoin And Alt-Right Is Mad As Hell (#GotBitcoin?)

Goldman Sachs Ramps Up Development Of New Secret Crypto Project (#GotBitcoin?)

Blockchain And AI Bond, Explained (#GotBitcoin?)

Grayscale Bitcoin Trust Outperformed Indexes In First Half Of 2019 (#GotBitcoin?)

XRP Is The Worst Performing Major Crypto Of 2019 (GotBitcoin?)

Bitcoin Back Near $12K As BTC Shorters Lose $44 Million In One Morning (#GotBitcoin?)

As Deutsche Bank Axes 18K Jobs, Bitcoin Offers A ‘Plan ฿”: VanEck Exec (#GotBitcoin?)

Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)

‘I Would Buy’ Bitcoin If Growth Continues — Investment Legend Mobius (#GotBitcoin?)

Lawmakers Push For New Bitcoin Rules (#GotBitcoin?)

Facebook’s Libra Is Bad For African Americans (#GotBitcoin?)

Crypto Firm Charity Announces Alliance To Support Feminine Health (#GotBitcoin?)

Canadian Startup Wants To Upgrade Millions Of ATMs To Sell Bitcoin (#GotBitcoin?)

Trump Says US ‘Should Match’ China’s Money Printing Game (#GotBitcoin?)

Casa Launches Lightning Node Mobile App For Bitcoin Newbies (#GotBitcoin?)

Bitcoin Rally Fuels Market In Crypto Derivatives (#GotBitcoin?)

World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available On Bloomberg Terminal (#GotBitcoin?)

Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation (#GotBitcoin?)

Another Crypto Exchange Receives License For Crypto Futures

From ‘Ponzi’ To ‘We’re Working On It’ — BIS Chief Reverses Stance On Crypto (#GotBitcoin?)

These Are The Cities Googling ‘Bitcoin’ As Interest Hits 17-Month High (#GotBitcoin?)

Venezuelan Explains How Bitcoin Saves His Family (#GotBitcoin?)

Quantum Computing Vs. Blockchain: Impact On Cryptography

This Fund Is Riding Bitcoin To Top (#GotBitcoin?)

Bitcoin’s Surge Leaves Smaller Digital Currencies In The Dust (#GotBitcoin?)

Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)

Bitcoin Breaks $200 Billion Market Cap For The First Time In 17 Months (#GotBitcoin?)

You Can Now Make State Tax Payments In Bitcoin (#GotBitcoin?)

Religious Organizations Make Ideal Places To Mine Bitcoin (#GotBitcoin?)

Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)

Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)

Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)

Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)

Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)

JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)

Is There A Big Short In Bitcoin? (#GotBitcoin?)

Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes

Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)

There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)

You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)

North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)

Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)

Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)

Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets

Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)

Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)

Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)

The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)

Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)

Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)

Recession Is Looming, or Not. Here’s How To Know (#GotBitcoin?)

How Will Bitcoin Behave During A Recession? (#GotBitcoin?)

Many U.S. Financial Officers Think a Recession Will Hit Next Year (#GotBitcoin?)

Definite Signs of An Imminent Recession (#GotBitcoin?)

What A Recession Could Mean for Women’s Unemployment (#GotBitcoin?)

Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)

Goldman Is Looking To Reduce “Marcus” Lending Goal On Credit (Recession) Caution (#GotBitcoin?)

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