Akoin, a cryptocurrency project created by popular Senegalese-American singer Akon, qualifies its initial testing phase and will be available for a nationwide rollout in Kenya in September.
Akon, who is a Senegalese-American singer, has set his foot in the world of crypto by debuting his own custom Akoin project. The Akoin project is said to have qualified its initial testing phase at the Mwale Medical Technology City in Kenya and is expected to be implemented from next month onwards.
The pilot stage of the project allows the users to make payments in Akoin and get their transactions converted in cell phone minutes as well as other promising forms of exchange.
Akon Ventures into Cryptocurrency with the Akoin Project in Kenya
Akoin, which is an independent project of singer Akon has received a green flag from MMTC initial trials and is preparing for a countrywide launch in Kenya. Akoin, if implemented successfully, is predicted to conduct approximately $5 Million worth of transactions per month at MMTC. According to media sources, the pilot or initial stage will allow the users to make or receive payments in Akoin that can later be converted into cell phone minutes or any other form of exchange that is deemed suitable by the receiver.
The full-fledged execution of the projects is said to begin from September, and the monthly transactions associated with Akoin are expected to rise tremendously by the end of 2022. It is being anticipated that by September, Akoin will have successfully become an independent online platform for crypto transactions in Kenya.
Akoin has been developed keeping in mind the general issues of cryptocurrency transactions that are usually encountered in the African market. The digital currency has been prepared to assist entrepreneurs, businessmen, and social activists who wish to conduct routine transactions in a simplified manner.
In its preliminary phase, Akoin will be introduced to 5000 workers at MMTC for the first six months which will later be converted to 22000 workers by the end of September. Sources at MMTC have stated that they are looking for widespread expansion of Akoin which will begin with a major launch program at MMTC scheduled in September along with an inauguration of a hospital wing at MMTC. Similarly, the launch will also facilitate the availability of 5000 beds at Hampton hospital that will be equipped with Akoin which will initiate a target of 30000 transactions using Akoin’s swap technology and its merchant services. The launch is said to be attended by MMTC’s Julius Mwale and Akon.
The spokesperson has also revealed that by the end of the year 2022, Akoin is predicted to have secured the position of the second most popular form of conducting a transaction, rivaling its traditional contender M-Pesa.
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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.