Akoin, the cryptocurrency launched by musician and philanthropist Akon, will be the primary currency of billion dollar technology city Mwale Medical and Technology City (MMTC), according to a press release shared with CryptoSlate on April 16.
The tech hub, which has had $2 billion poured into it, is a community owned sustainable metropolis in the town of Kakamega. The Stellar-based Akoin will be used on a large scale and the press release speaks confidently of its adoption,
Akoin platform will see a minimum of one million transactions in the first year in this City and grow to 100 million transactions annually within five years.
Among other areas, the asset will be used in the city’s hospital and supermarkets. The city’s major districts - airport, grid, golf, industrial and plaza - will all eventually have its activities conducted with Akoin.
The asset saw a lot of discussion at the Blockdown 2020 Conference, a virtual gathering of several major names in the blockchain and cryptocurrency space that was held on April 16 and 17. Akon was a leading guest for this conference and he spoke of his intentions to empower Africa.
The conference’s showcase session saw several businesses pitch their ideas to Akon, with the purpose being to better Kenyan citizens’ lives by providing them with blockchain and cryptocurrency based solutions.
In a multi-billion dollar deal, Akoin will also be used in a city that Akon is building, called Akon City. The project has also partnered with prepaid airtime token BitMinutes in March 2020 to help ease locals into the use of cryptocurrency, using prepaid minutes as a medium of exchange.