Famous artists and platinum-selling records Akon has a made the decision to build Akoin, his own cryptocurrency, on the Stellar blockchain.

The president and co-founder of Akoin said Stellar was chosen for having similar values with him and the artist, explaining on February 28 that:

“Akoin selected Stellar’s distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa.”

Stellar is on a mission to help banking the unbanked, and a spokesperson for Akoin wanted to mention its involvement with African businesses and the micro-loans and Dapp project.

Stellar wallets-compatible and interoperable with all Stellar-supported fiat currencies and digital assets, Akoins will be available for swapping currencies in order to ensure an “efficient cross-asset transfers of value”, which means the value of prepaid minutes will be realized.

As a result of banking problems and inflation, Nigeria and other African countries use phone minutes just like digital currencies, so Akoin will swap minutes for crypto and fiat currencies. It has been mentioned the token’s price is going to be fluctuating.

Akoin’s aim is to provide the unbanked financial services not only in 54 African countries, but also in other developing nations from all over the world. Its total supply will be 400 million. Supposed to launch in 2018, the project is almost sure to be revealed very soon. Here’s what Akon had to say about it:

“It’s a global platform that we’re building and Africa is our target market because as we see it now, Africa has the most challenges.”

Akon enjoys immense popularity in Africa, where he intends to create the $2 billion-worth Akon Crypto City. In the next 10 years, this futuristic and sustainable community will be built on a 2,000 acres surface close to Senegal’s capital, Dakar. The land was given as a gift to Akon from the President of Senegal. The artist’s charitable projects include the Akon Lighting Africa and some others, but Akoin will be a profitable endeavor for him.

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