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Singer Akon Launching Crypto Themed Senegal City and Cryptocurrency - Akoin

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Ingle Jayashree

CBW -External Analyst

INDIA

Aug, 21 2020

Aug, 21 2020

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Grammy-nominated US’s top singer and entrepreneur Akon has announced his plans to launch his own cryptocurrency “Akoin”. He also has announced to develop a 2000 acre town called Akon City in Senegal (West Africa) where Akoin will be used as the local currency. The Akon city will be designed as a futuristic- cryptocurrency themed city and the first phase of its construction is expected to be completed by the end of 2023.

Jon Karas, President, and Co-founder of Akoin informed that the launch of the currency is scheduled in early July 2020. 10% of the total float will be issued through the public sale. The Senegalese government has no stake in the currency and it hasn't been approached for any financial aid. Karas added that the coin will be developed as a utility token and not as an investment tool.

Another 10% will be held by the executive body, advisers, and directors of the firm. The third Co-founder is Lynn Liss, who will serve as the Chief Operating Officer of the company. The lockup period for the founders is six months as per the white paper. Karas said, “We are in this for the long run”.

Akon

Grammy-nominated Akon is popular for hits “Don’t matter” Trouble and “lonely”. He has spent his early years of childhood in Senegal before he settled in New Jersey.

Akon invested in Bitcoin in 2014 and since then he has been an open crypto supporter. Akon revealed his plans of the Akon City last year. He also has finalized a land agreement for the city with the Senegalese government earlier this year.


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Ingle Jayashree

CBW - External Analyst

INDIA

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