Akoin to launch in wesstern Kenya. Akoin, the American-Senegalese musician Akon‘s cryptocurrency project, is launching imminently in the $2 billion Mwale Medical Technology Region, or MMTC, in western Kenya.
MMTC would appear to be the perfect proving ground for the currency as a newly developed city centred around a state-of-the-art medical and technology complex, ahead of it being the official currency of Akon City, currently under construction in Senegal.
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.
Although the initial roll-out will be invited-only, through the introduction of atomic swaps, merchant facilities and an Akoin debit card, it is anticipated to see 30,000 transactions each month. By mid-2021, a broader roll-out to 35,000 people, employees at the 5,000-bed Hamptons Hospital and 2,000 merchants is expected to raise the amount of the service to 1.5 million transactions per month.
Akoin’s MMTC launch coincides with its Nov. 11 Bittrex cryptocurrency exchange listing, allowing the AKN token to be exchanged 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 MMTC founder Julius Mwale 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.”
[image: Yonko Kilasi]