Akoin To Become The Exclusive Cryptocurrency Of The Mwale Medical And Technology City In Kenya
Akoin To Become The Exclusive Cryptocurrency Of The Mwale Medical And Technology City In Kenya
February 22, 2021
Akoin To Become The Exclusive Cryptocurrency Of The Mwale Medical And Technology City In Kenya
Akoin To Become The Exclusive Cryptocurrency Of The Mwale Medical And Technology City In Kenya
February 22, 2021

Akoin (AKN), the cryptocurrency developed by American singer Akon, is set to become the exclusive cryptocurrency of the Mwale Medical and Technology City in Kenya.

It has been reported that the trial phase was launched back in November 2020 at the time of the AKN listing on the Bittrex crypto exchange.

However, after the success of the initial pilot, the Akoin crypto is now ready for full deployment in the $2 billion complexes in July. Commenting on the success of the pilot program, Jon Karas, the President and co-founder of Akoin, has revealed that the roll-out was received with “great enthusiasm.”

The report said that once fully deployed, AKN will be available for adoption among 5,000 hospital workers, 2,000 merchants, and over 35,000 residents of the MMTC. In total, the Akoin team estimates that over $5 million in transactions will come from the facility using AKN tokens.

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AKN utilization should increase to cover the estimated 20,000 MMTC workers expected by December 2021. By the end of 2022, the Akoin team says that AKN will be the exclusive digital currency of the facility, processing between $1.7 and $2 billion in transactions per year.

Likewise, as part of the planned Akoin exclusivity within the complex, workers and residents can receive their salaries in AKN. The token will also be used for microtransactions, peer-to-peer money transfers, and mobile airtime top-ups among others.   

It has been analyzed that as part of the project, the Akoin team is reportedly releasing a physical card connected to the AKN wallet that will allow users to transact across 40 million global merchant platforms.

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Lynn Liss, the co-founder of Akoin, said that the project plans to use the lessons learned from the AKN deployment in the MMTC as a blueprint for scaling the adoption of the token across the continent.

Thus, Akoin is the planned official currency of the futuristic Akon City currently being built in Senegal. The Akon Foundation is also developing a blockchain incubator in the MMTC.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.