Grammy-nominated singer Akon is launching a cryptocurrency ‘Akoin’ that will also be used as the local currency in Akon City in a 2,000-acre development in Senegal.
The Singer also hopes that Akoin which will be likely launched in July will be adopted across Africa and beyond according to Jon Karas, president and co-founder of Akoin.
Akon who has sold more than 35 million Albums globally was born in America but spent his childhood in Senegal before relocating to New Jersey. The release of his debut album, “Trouble” in the early 2000s shot him to prominence. He has had 27 songs on the Billboard Hot 100 and had collaborations with well known artistes lile Eminem, Lady Gaga among others.
Though his career spans more than a decade, some of his earliest hits, with titles like “Locked Up” and “Lonely,” saw a resurgence in recent months, becoming anthems for hordes of masses locked down in their homes amid the coronavirus pandemic.
Akon whose full name is Aliaume Damala Badara Akon Thiam said, “It just goes to show the relevancy of why digital currency is such a futuristic event and how this is the future as we’re moving forward.
“There are going to be digital currencies that will float through the whole universe that allow us to trade in a way that we’re already accustomed to — but now it’s going to be the norm.”
Akon says he’s been a crypto fan for years (he invested in Bitcoin in 2014). He announced potential plans for Akon City in 2019 and finalized a land agreement with the Senegalese government earlier this year — though the government isn’t providing funding for the project nor does it have a stake in the coin, Karas said.
When it comes to Akoin, 10% of the total float will be issued initially through a public sale, an amount that may change depending on demand. Another 10% will be held by company executives, advisers, and directors, according to the white paper. Company representatives declined to disclose what percentage of the coin Akon will hold.
Akon, Karas, and Lynn Liss are the coin’s founder while Liss serves as a chief operating officer. Karas said, “We’re building a big ecosystem and we’re in this for the long-run.”
Akoin is built to be a utility token (meaning one that has a specific use), not an investment tool, Karas said. And Akon says he understands crypto’s tumultuous history — and cautions against blindly jumping into investments. At the height of crypto-mania, thousands of tokens were in circulation — and many have since been weeded out.
“Whoever is interested, don’t just move on the hype,” he said. “Do your proper due-diligence, understand who you’re getting into it with, know the market that you want to invest in, and have a plan of action as to what suits your benefit.”
