Akon Launches His Own Cryptocurrency Called ‘Akoin’

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by Sofiko Abeslamidze · 3 min read
Akon Launches His Own Cryptocurrency Called ‘Akoin’
Photo: AKON / Instagram

The Senegalese-American singer of such hits as “I Wanna Love You” and “Don’t Matter” is the first celebrity to dive into the world of cryptos for the sake of Africa.

Although most finds a concept of cryptocurrencies difficult for understanding, still it attracts masses like everything else unknown. However, everyone familiar with cryptos can define the launch of new coins as somewhat alike fundraising process. Thus, by purchasing a digital coin buyers automatically turn into investors who contribute to the underlying project. Hence, to issue a crypto you at least should have a mission for sharing.

The global artist Akon has broadened the list of celebrities possessing an idea worth following. Indeed another cryptocurrency is going to be issued, however unlike the vast majority of altcoins named after popular memes or computer slangs, this one will have a name of famous musician.

Titled ‘Akoin’, the cryptocurrency is set to aid the singer’s Lighting Africa initiative, a futuristic city called Akon Crypto City. According to website, the project aims to improve Africa’s living conditions by using renewable energy and as a result stimulating youth entrepreneurship and financial stability in Africa and beyond.

The singer announced at Cannes that in just two weeks his new cryptocurrency will hit the market and Akon hopes this could be the start of something big for the African continent.

As the singer told the panel at Cannes Lions:

 “I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system. It also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down.”

He added that as part of the venture, he plans to create a “100 percent crypto-based city” on 2,000 acres of land. The Akoin website states “this futuristic city already in development, beginning with 2,000 acres of land gifted to Akon from the President of Senegal, is within 5 minutes of the new international airport, close to the coast and a short drive from Dakar, the capital city of Senegal that is Akon’s homeland.

Hardly one would claim the generosity of Akon’s intentions, since the targeted problem is truly urgent. However, as technical details of the project were not announced, it raises uncertainty and doubts as a success of newly introduced cryptocurrency directly depends on its technical background.

The singer, in turn, emphasized his incompetence in technical aspects saying he only represents a spiritual leader of the project while “geeks” is going to figure it out. Considering the quoted landscape of the futuristic city, the project requires many geeks.

Aside from being involved in AKoin, the R&B artist said he was thinking of taking on both Donald Trump, and Kanye West for the presidency in 2020. Well, let’s hope the rapper won’t lack fortitude to live out all his ambitious goals.

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