We’re pleased to announce that Akoin will be listed directly onto Bittrex Global early next month.
“Akoin, the digital asset platform and cryptocurrency developed by global artist and visionary Akon to improve social opportunities and access for African entrepreneurs is listing on global cryptocurrency exchange Bittrex.”
The Akoin token, AKN, will launch on Bittrex Global on November 5, when the AKN wallet will go live across all accounts on the platform. Following the launch of the wallet, spot trading will begin on November 11th, 2020.
The Akoin Exchange Listing with Bittrex!
Akoin has decided to launch directly on Bittrex Global through an exchange listing. While we had originally envisioned launching an IEO, we have found that the value of this approach has diminished rapidly and we felt this alternate approach would create more value for our community and provide a more sustainable path towards fulfilling the mission of Akoin.
For further context, IEOs are often a form of race, or a first-come, first-served scenario, employing FOMO as a core marketing strategy and focusing on token and capital over building a solid product and ecosystem. We felt this was not in line with the Akoin mission and would not help further our goal of aiding in the betterment of Africa and young entrepreneurs around the globe.
Not pursuing an IEO allows us to distribute more of our token supply directly in Africa, through the built-in Akoin Wallet Exchange. This ensures that AKN tokens are distributed where they will create the most meaningful social impact possible.
Additionally, the economics of IEOs are not sustainable and are also financially draining. They also typically lead to unfavorable tokenomics and influences on the token’s market post-IEO. These were all factors that played into our decision not to move ahead with an IEO, instead opting for a direct listing supported by an airdrop to our community along with a strategic rollout of tokens across the African continent with key initiatives such as Mwale City, Akon City, and the Akoin Wallet.
As a notable benefit of this change, by not tying ourselves financially to one large draining IEO, we will instead be able to list on multiple exchanges in a short period of time, the specifics of which we are excited to be able to announce soon.
A piece of feedback we’ve gotten since our listing announcement is the hindrance for some in accessing exchanges due to stringent KYC/AML processes. We’re keenly aware of this issue, but the nature of the cryptocurrency industry is that exchanges are a key part of building out a healthy, thriving market for any new token. Mainstream and regulatory compliant exchanges will require KYC/AML, without exception, and it’s something that we can not avoid with the launch of AKN on Bittrex Global or future exchanges.
Though some members of our community will be unable to participate in the initial airdrop and listing due to this issue, they will all be able to participate after the launch of the Akoin Wallet, which will allow users in any African country to buy and sell AKN. Our goal is to provide a trusted currency alternative and sprawling ecosystem for the entirety of Africa, and our exchange listing is just a first step in this process. There will be many opportunities to participate in, and interact with the Akoin ecosystem moving forward.
Distributing AKN to Africa and Beyond
Further information on how exactly we will distribute tokens to this demographic will be released shortly — one example can be found with our Mwale Medical and Technology City partnership. The supply of AKN being deployed in Mwale City will be used for payroll, and accepted throughout the city for daily exchanges and beyond via our upcoming AkoinCard. This activates millions of AKN transactions and necessitates long term holding of AKN for future payroll processing.
Our Akoin City deployments are something you’ll see much more of as we build up to Akon City itself, and a huge part of our Akoin sustainability and growth plan.
Initiatives like Mwale, the Akoin Exchange, and our Beta Testing Program (which will reward Akoin early adopters for testing the platform) allow us to fairly distribute the token supply to those in emerging markets, while not allowing “whales” or potential malicious actors to accumulate large amounts of Akoin in attempts to manipulate the market. Fighting market manipulation is extremely important to us at Akoin, because we aren’t a token for speculative traders, we are a token for Africa.
The Akoin Airdrop
In light of these changes, we have also decided to move ahead with an airdrop for Akoin community members. We feel this will allow us to reward our community for their staunch support and will provide a way for anyone to get activated and on-boarded into the Akoin ecosystem.
All airdrop participants are eligible to earn Akoin awards that will total $25,000. By the end of the event, we will distribute the airdrop award to the Bittrex Global accounts of all eligible users. In order for participants to receive their AKN, they must complete all four airdrop tasks and submit their Bittrex global account within the event dashboard.
The amount of participants’ airdrop awards are based on the order of completion of all airdrop tasks. The faster they complete all the tasks, the more airdrop awards they receive.
More information on how to participate in the airdrop can be found here.