Singer Akon to launch crypto in July. According to Jon Karas, Akoin ‘s president and co-founder, the hope is that Akoin will be adopted across the continent and beyond, with a launch likely to happen in early July.
Recent events surrounding the corona virus outbreak have sharpened his focus on the need for digital currencies, as millions have been hunted down, unable to use cash, and forced to shop for necessities online.
“It just goes to show the relevancy of why digital currency is such a futuristic event and how this is the future as we’re moving forward,” said the artist. “There are going to be digital currencies that will float through the whole universe that allow us to trade in a way that we’re already accustomed to but now it’s going to be the norm”.
When it comes to Akoin, 10 per cent of the total float will initially be issued through a public sale, which may change depending on demand. According to the white paper, another 10 per cent will be held by company executives, consultants and directors.
The coin’s three founders, Akon, Karas and Lynn Liss, who also serves as chief operating officer, are subject to a six-month lockup period and are released slowly thereafter. “We’re building a big ecosystem. We’re in this for the long-run.” Karas said.
Akoin is intended to be a utility token (meaning one with a specific use), not an investment tool, Karas said. And Akon says he understands the tumultuous history of crypto and cautions against jumping blindly into investment. Thousands of tokens were in circulation at the height of crypto mania and many have ever since been weeded out.
“Whoever is interested, don’t just move on the hype,” he said. “Do your proper due-diligence, understand who you’re getting into it with, know the market that you want to invest in and have a plan of action as to what suits your benefit.”