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.'”
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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