Akon and MMTC founder Julius Mwale are expected to attend next month’s major launch event, which will reveal Akoin’s national rollout across Kenya.
Akoin, the cryptocurrency project developed by Senegalese-American singer Akon, has completed its initial pilot testing at Mwale Medical Technology City, or MMTC, in western Kenya, paving the way for a national rollout to begin next month.
According to a spokesperson for Mwale Medical Technology City, the pilot, which began in November 2020, is expected to pave the way for $5 million in monthly transactions at MMTC. According to Cointelegraph, the pilot stage allowed residents to pay and be paid in Akoin and have the transactions instantly converted into cell phone minutes or other forms of exchange.
Full implementation is expected to begin in September, with monthly transactions expected to skyrocket, potentially reaching $2 billion by 2022. By then, Akoin will have become the city’s sole platform for business transactions.
Akoin is a cryptocurrency designed to assist entrepreneurs, business owners, and social activists in transacting locally while avoiding many of the impediments that plague African emerging markets.
The Akoin project plans to hire 5,000 people in the first six months and 20,000 people by the end of 2022 if the full implementation is a success. MMTC is planning a “major launch event for September” to introduce Akoin to a wider audience. According to the spokesperson:
“A major launch event planned for September will include the opening of a new hospital wing in MMTC, as well as the activation of Akoin across 5,000 beds at the Hamptons Hospital and 30,000 transactions per month, utilizing Akoin’s Atomic Swap technology, Merchant Services, and Akoin Credit and Debit Cards.”
According to the spokesperson, Akoin is expected to become the “second most popular payment platform after M-Pesa,” a mobile-phone-based money transfer and micro-financing service popular in Africa and other developing countries, by the end of 2022.
Mwale Medical Technology City is described as a newly constructed city that includes a cutting-edge medical and technology complex. The Akoin pilot testing was viewed as a stepping stone for the cryptocurrency to be adopted by Senegal’s highly ambitious Akon City project.