It has been reported that as a newly built city centered on 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.
However, 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 rollout 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.
Kenyan tech city pilots @Akon cryptocurrency #Akoin, with roll out to 35,000 residents by mid 2021 https://t.co/xvuyt5ebUB — Cointelegraph (@Cointelegraph) November 11, 2020
By mid-2021, a wider roll out to 35,000 residents, workers at the 5,000-bed Hamptons Hospital, and 2,000 merchants are forecast to increase the service’s volume to 1.5 million transactions per month.
The report said that the launch of Akoin in MMTC coincides with its November 11 listing on the Bittrex cryptocurrency exchange by 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 Julius Mwale, the founder of MMTC, 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.”
Likewise, the Akon Foundation is also setting up a blockchain hub, named the “Kenyan Opportunity Hub” in Mwale Medical Technology City.
The report also said that 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.
Thus, 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.