Akoin (AKN), Akon’s cryptocurrency, is under pilot in Kenya for a September 2021 public launch at the recently developed Mwale Medical and Technology City (MMTC) in Kakamega County, Western Kenya.
MMTC is a $2 billion development consisting of an airport, a golf course, a plaza, a power grid, a shopping mall, a resort and a 5000-bed capacity hospital where all the payments and salaries will be in Akoin.
According to MMTC and Akoin Management, the pilot at MMTC has been a success and the two firms are now planning for a nationwide rollout in September 2021. Bits.Africa is yet to establish the status of the regulatory environment concerning the cryptocurrency by the Kenyan government but it might face a hurdle looking at the history of the government towards past crypto-based companies such as BitPesa and currencies such as BanglaPesa.

Akoin is a Stellar-based cryptocurrency designed to fuel rising entrepreneurs in Africa and beyond. Akoin is expected to be used as a common currency across Africa’s 54 countries to end the volatility of local currencies and allow Africans to engage in the global digital economy.

The Akoin Utility Token is available within the Akoin Multi-Currency wallet for exchange between all DApp / App offerings and within the local market, including prepaid minute conversion (a major store of value in Africa), direct service payments (ie utility, mobile etc) and the ability to convert into local currency; all creating a strong value proposition for early adopters and users of the Akoin platform.

The Akoin Multi-Currency Wallet is the native Akoin wallet that allows users to trade amongst partnered cryptocurrencies internally without facing major hurdles and fees often found with exchanges. This exchange is enabled through a proprietary and private Atomic Swap technology that makes direct transfer with all major cryptocurrencies, our Partners’ alt currencies possible, without having to go through a major exchange. The Multi-Currency Wallet exists within the Dapp Marketplace as one of its functions.
The Akoin marketplace aims to be the market leader for DApp-based services in lean economies, with a heavy focus on Africa. Working alongside industry leading technical, business and marketing partners, the Akoin marketplace will support a suite of cutting edge decentralized applications (DApps) to the benefit of entrepreneurs in Africa and globally.

The Akoin Ecosystem of decentralized applications (Dapps) and services will provide the building blocks for entrepreneurship. Empowering entrepreneurs to ‘learn, earn, spend and save’ through partnerships with Dapps or traditional companies in the following sectors:

  • Remittances
  • Minutes Trading
  • Micro-Lending
  • Land & Property Services
  • Technology Services
  • Internet / Wifi
  • Solar Power
  • Marketing & Advertising
  • Video Sharing
  • Music Sharing
  • Education
  • Freelance Services
  • Charity
  • Health Services

Users of Akoin will be able to interact with any of the Dapps available in the marketplace through the Akoin token.

Akoin offers unparalleled access and expansion for global brands and applications seeking an entry-point to the market; including brand activation campaigns, DApp/App integration, launch and expansion planning, and foundation partnerships. Each DApp/App partner is vetted and integrated by the Akoin team into the marketplace to ensure the highest level of quality partnered service offerings are available within the Akoin marketplace.

Global brands and DApp/App partners can engage in ongoing or one-time marketing campaigns across the Akoin Ecosystem for expanded growth and awareness. Payment for all DApp marketplace-related costs will be paid in Akoin.

According to the MMTC, it expects a transaction volume of $2 billion by the end of 2022 if Akoin is adopted across the country. Akoin is also under pilot in Ghana and some parts of Uganda. Akoin is traded on Bitrex is reportedly valued at more than $75 million.