Aliaume Damala Badara Akon is known for his music, but now, the musician has become more associated with his entrepreneurial endeavours whose goal is to solve problems, especially on the African continent. Recently, the businessman launched his cryptocurrency called AKoin.
Akon launched the AKoin cryptocurrency at Cannes Lion and announced that AKoin would be up for sale in the next two weeks. “I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down,” Akon said.
Akon is the latest artist to delve into cryptocurrency. He said in an interview, that he comes up with the ideas and leaves the technical stuff to the geeks. Akon’s ambition is to create an expansive AKoin Ecosystem. The AKoin Ecosystem is “ a unique global project that offers an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion for youth entrepreneurs by allowing consumers to buy, hold, and spend cryptocurrency right from their smartphone through a suite of blockchain-powered apps.”
The need to create the cryptocurrency as a solution came about after Akon identified a numbers of problems. “Currency instability and inflation and a lack of banking services are at the heart of the African entrepreneur’s dilemma. Challenges in trade and movement of money hamper growth and the need for access to high-quality education and revenue-generating opportunities is massive,” AKoin states on its website.
The AKoin Ecosystem provides the solution to many of these problem by unlocking the “potential of the world’s largest emerging economy through the creation of a stable currency and innovative, revenue-generating opportunities that stimulate and support youth entrepreneurship, economic stability, and growth across Africa and the world,” AKoin.
Akon intends to go beyond just creating a cryptocurrency, and he also wants to create a cryptocurrency city. The artists wants to build a real Wakanda with his Akoin crytocurrency. With 2000 acres of land available to him, given by the president of Senegal, Akon hopes to create a “leading Smart City planning designs with a blank canvas for cryptonizing our daily human and business exchanges, towards inventing a radical new way of existence.”
Energy initiative lighting Africa
Akon started the Akon lighting Africa project in 2014, which is a solar power initiative to provide electricity through harnessing solar energy in Africa. The project is operational in 14 countries since it started in 2014. In partnership with Thione Niang and Samba Bathily, Akon launched the solar academy in Bamako, Mali at the second United Nations Sustainable Energy for All Forum, in New York City.