In June 2018, American-Senegalese musician and social impact entrepreneur Akon announced the launch of his new cryptocurrency venture Akoin. Akoin aims to boost entrepreneurship in Africa by providing a blockchain-powered ecosystem that will stimulate and create revenue-generating opportunities for young entrepreneurs.
The Akoin Ecosystem
The Akoin ecosystem combined with its native cryptocurrency, Akoin, will unlock Africa’s economic potential through the creation of a blockchain-based stable currency as well as digital and in-real-life platforms that will provide its users with “crypto-based apps offer immediate and ongoing new revenue-generating opportunities to stimulate micro-exchanges and financial stability.”
For entrepreneurs, Akoin will provide a much-needed platform for individuals to gain access to educational materials, tools and resources to make their entrepreneurial visions a reality. This, in turn, will foster a more sustainable environment that encourages a focus on entrepreneurship over charity.
Through the Akoin platform, brands can also gain exposure to territories and individuals ready for their products and services. The Akoin platform is different as it builds a bridge between philanthropists, brands, and entrepreneurs, creating a trusted, stable environment for all to connect and thrive.
A big part of Akoin is the project’s planned ‘Akon Crypto City’ based on 2,000 acres of land in Senegal, West Africa. Akon was gifted this land by the Senegalese government to fulfil his vision of a tech-driven city that will empower local entrepreneurs by fostering a supportive business culture.
Akon envisions a futuristic “smart city” where the cryptocurrency Akoin will be the primary means of exchange and businesses and the community can flourish thanks to the benefits of using a stable coin that is not linked to volatile local fiat currencies.
Akon Believes in the Power of Crypto
Akon seeks to leverage his experience in social entrepreneurship to tackle the issue of unstable currencies in developing countries, which he believes is a significant hindrance to the continent’s economic development.
“With all the work I’ve done in Africa with the Akon Lighting project, you start to get engulfed in the environment, people and government. You start to realise all the things missing and what could be possible solutions. One thing I realised was there are a lot of unstable currencies and unstable governments in Africa and it made me think about how cryptocurrencies are now revolutionising how money is being spent,” Akon said.
“I feel like transparency is the one thing that can weed out the corruption in Africa and create a system that can put everything back together where the people are more in control over the resources,” he added.