The cryptocurrency will be used in Akon City, a 2,000-acre development in Senegal.
Akon, a Grammy Award-nominated singer responsible for hits such as Don’t Matter and Lonely is establishing his own cryptocurrency - Akoin, according to numerous media reports.
According to a report from Bloomberg, the singer told the news outlet in an interview that Akoin will be used as the local currency in Akon City, a 2,000-acre development in Senegal.
Akon, who invested in Bitcoin back in 2014 and has been active within the crypto community, announced the potential plans for Akon City in 2019. Earlier this year, the land agreement was finalised with the Senegalese government. The city will be a futuristic-cryptocurrency themed city, with the first phase expected to be completed before the end of 2023.
The aim of Akoin is to be adopted by the African continent and beyond, with the launch most likely set to happen in early July this year, according to Jon Karas, president and co-founder of Akoin.
According to the interview, 10 per cent of the total float of Akoin will be issued initially through a public sale. However, this amount might change depending on demand. Another 10 per cent will be held by company executives, advisers and directors, the Whitepaper said.
Akoin has three founders - Akon, Karas and Lynn Liss, who also serves as chief operating officer. The coin has been built to be a utility token and not an investment tool, Karas told the news outlet.
Inspiration behind Akoin
Akon, 47, told the news outlet that the motivation for Akoin came a few years ago when the singer tried to convert some of Senegal’s currency to euros. However, the currency exchange didn’t take the West African CFA franc, the currency used in many French-speaking West African countries, including Senegal.
“It really just opened my eyes,” Akon, said in the interview with Bloomberg. “That really catapulted the energy to say ‘We have to have our own currency. I don’t care what it takes — we’re going to fix this.'”
Akon, a Grammy Award-nominated singer responsible for hits such as Don’t Matter and Lonely is establishing his own cryptocurrency - Akoin, according to numerous media reports.
According to a report from Bloomberg, the singer told the news outlet in an interview that Akoin will be used as the local currency in Akon City, a 2,000-acre development in Senegal.
Akon, who invested in Bitcoin back in 2014 and has been active within the crypto community, announced the potential plans for Akon City in 2019. Earlier this year, the land agreement was finalised with the Senegalese government. The city will be a futuristic-cryptocurrency themed city, with the first phase expected to be completed before the end of 2023.
The aim of Akoin is to be adopted by the African continent and beyond, with the launch most likely set to happen in early July this year, according to Jon Karas, president and co-founder of Akoin.
According to the interview, 10 per cent of the total float of Akoin will be issued initially through a public sale. However, this amount might change depending on demand. Another 10 per cent will be held by company executives, advisers and directors, the Whitepaper said.
Akoin has three founders - Akon, Karas and Lynn Liss, who also serves as chief operating officer. The coin has been built to be a utility token and not an investment tool, Karas told the news outlet.
Inspiration behind Akoin
Akon, 47, told the news outlet that the motivation for Akoin came a few years ago when the singer tried to convert some of Senegal’s currency to euros. However, the currency exchange didn’t take the West African CFA franc, the currency used in many French-speaking West African countries, including Senegal.
“It really just opened my eyes,” Akon, said in the interview with Bloomberg. “That really catapulted the energy to say ‘We have to have our own currency. I don’t care what it takes — we’re going to fix this.'”
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
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