Victor Ugochukwu · Dec 14, 2020 . 5min read
Kenya’s residents can now employ Akoin for buying goods and services
Post development of MMTC and listing on Bittrex Global, Akoin announces that it can be used in West Kenya for buying goods and services.
By Komal Joshi · Nov 13, 2020 . 6min read
Akoin, the cryptocurrency project of famous American-Senegalese musician Akon, today announced that it could be used to pay for goods and services in West Kenyan city. This news comes after Akoin was listed for purchase on bitcoin exchange Bittrex Global. As per reports, this will support the test run of cryptocurrency. Various residents will receive their salary in the AKN token. The residents can utilize the tokens for buying food, drink, gas, clothes, and medical services in Mwale Medical Technology City (MMTC).
MMTC is a new city that revolves around the state-of-the-art medical and technology complex. MMTC would appear to be the supreme proving ground for the currency, ahead of it displaying the official currency of Akon City, currently under development in Senegal. The launch of Akoin in MMTC corresponds with its listing on the Bittrex cryptocurrency exchange. Thus, allowing the trading of AKN token globally. It signifies the first move toward improved usage of the cryptocurrency in Africa and across the world.
Akoin and MMTC will monitor the trial
During the pilot stage, commencing later this month, residents will be capable of paying and receiving to utilize Akoin and immediately transform the currency into cell phone minutes or other forms of exchange. According to Cryptoslate, Akoin and MMTC will conduct and watch the trial. It will examine the information, and make sure the trial reaches more residents in the city in December. Presently, AKN is the sole currency that can be used across MMTC.
Moreover, the trial will employ atomic swaps to conduct transactions. Thus, instantly converting currencies. It will also employ an Akoin credit and debit card. Akoin intends to assist 20,000 workers at MMTC and be the prominent payment settlement platform. It intends to be the initial settlement platform for worker payroll, retail stores, airport purchases, and utility payments. The trial would be the initial step towards launching the token in African cities. Moreover, it would lead to introducing Akon’s planned Sengalese city.
For the uninformed, the Akon Foundation is also establishing a blockchain hub, called the “Kenyan Opportunity Hub” in MMTC. Moreover, building Senegal’s Akon City, where Akoin will be the significant currency, will start next year with a proposed conclusion of 2030. Conclusively, Akoin is a utility token, promoting atomic swaps between cryptocurrencies, fiat, and mobile phone credits, which are a leading storehouse of value in various developing countries.
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