Multiple platinum recording artist Akon, is planning to develop a cryptocurrency that will power businesses and entrepreneurs within developing countries in Africa. The utility token dubbed Akoin, will be built on top of the Stellar blockchain network. The Senegalese artist is aiming to unlock the full potential of the African economy using blockchain technology. The launch of his cryptocurrency Akoin, will mark the second step in to his plan of the African economy. Akon, not only popular due to his singing prowess, but also his successful humanitarian and philanthropist initiatives, launched his ‘Lighting Africa’ initiative back in 2014. The Lighting Africa initiative aims to provide solar powered electricity solutions in 18 African countries. The music artist now believes that he can use blockchain and cryptocurrencies, to unlock the untapped riches of the African Continent.
Stellar Shares Same Vision as AkonIn particular, speaking on why they chose Stellar, the co-founder and president of Akoin, Jon Karas said that the Stellar’s hybrid blockchain shares the same vision as Akoin; to build a world of financial inclusion. As per Karas, that particular detail made Stellar the apparent choice for Akoin. He said:
“Akoin selected Stellar’s distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa.”Moreover, Chairman and co-founder of Akoin, Akon, described Africa as a region faced by very many challenges. He said that his utility token will particularly target the African market despite being a global platform. He said:
“It’s a global platform that we’re building and Africa is our target market because as we see it now, Africa has the most challenges.”