It has now been announced that Grammy Award winning artist and producer Akon will launch his Akoin cryptocurrency for Africa on the Stellar blockchain network.
In a tweet, the Akoin Foundation revealed:
“We are pleased to announce that we are partnering with Stellar for Akoin. Stellar is called blockchain on which Akoin is built, both the token and the larger ecosystem. “
Regarding the decision, Jon Karas, Co-Founder and President of Akoin said:
“Akoin chose Stellar’s distributed, hybrid blockchain based on a shared vision of creating global financial inclusion, especially in areas like Africa.”
SEE ALSO: Akoin cryptocurrency for Africa is expected to hit the market in early 2020
Akon, the chairman and co-founder of Akoin, said the decision was made based on their target market Africa and current challenges:
“We are building a global platform, and Africa is our target market because, from our point of view, Africa has the greatest challenges.”
Pictured: Akon, Stellar founder Jed McCaleb and Akoin President Jon Karas
By using Stellar Anchors, the following benefits are immediately recognized by users:
- Fast transition between currencies
- Allow users to take advantage of the global currency
- Break through the restrictions associated with using a particular one fiat currency
Akon is a long-time and prominent humanist and philanthropist with ‘Lighting Africa’ – an initiative that offers solar power solutions in 18 countries in Africa – and has gained worldwide acclaim.
Akon’s cryptocurrency, Akoin, is expected to unlock the massive and largely untapped economic potential in Africa and enable businesses and entrepreneurs in the region to distinguish themselves in the world.
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