The pilot period began in November 2020 at MMTC. A full rollout of Akoin will be unveiled in September, which will see Akoin used countrywide across Kenya.
An initial US $5 million worth of transactions per month will be processed at MMTC alone and expected to grow to US $2 billion by end of 2022 at MMTC, when Akoin will exclusively become the only platform for transactions across all businesses in the city.
At MMTC the first phase of full implementation will target to reach 5,000 workers within the first 6 months and grow to cover 20,000 workers by the end of 2022.
Countrywide, Akoin is expected to become the second most popular payment platform after M-Pesa at the end of 2022. The launch of the Akoin card will also follow the countrywide launch.
A major launch event scheduled for September will include the launch of a new hospital wing in MMTC and the activation of Akoin across 5,000 beds at the Hamptons Hospital and 30,000 transactions per month utilizing Akoin’s Atomic Swap technology, Merchant Services, and Akoin Credit and Debit Cards. MMTC founder Julius Mwale and Akon, Akoin founder, both in attendance.
As the official currency of the futuristic US $6 Billion Akon City currently being developed in Senegal, the launch of Akoin at MMTC will ensure that it will be ready as the first residents and businesses move into Akon City.
Road to Akon City and Wider Adoption
The rollout of AKN to MMTC is the first step to larger utilization of the Akoin Digital Asset Platform and Cryptocurrency throughout Africa and the world. As well as rolling out the use of Akoin to residents and workers, the MMTC and Akoin team is working to deploy enterprise-grade vendor services that would allow businesses and large-scale organizations, such as hospitals, to use the AKN cryptocurrency in place of fiat.
In a joint statement Akoin founder and chairman, Akon, together with Kenyan entrepreneur and founder of MMTC, Julius Mwale, said: “We are proud to bring the power of Akoin to the masses, starting in MMTC and scaling beyond throughout Africa. The empowerment this digital commerce platform provides residents and businesses alike is transformative and we are in active talks to replicate this success across many African countries.
Akoin was listed on Bittrex in November 2020. Bittrex is one of the world’s biggest cryptocurrency exchanges, reporting transactions of $41 million per day, and is 1 of only 14 exchanges globally rated by Coinmetrics’ Trusted Volume Framework as being highly trusted. This rating means that the exchange has passed all three of the analytic firm’s trustworthiness tests for correlation, volume and qualitative analysis.
Mwale Medical and Technology City (MMTC) in western Kenya is a revolutionary large-scale sustainable city located in Western Kenya. MMTC is led by visionary Kenyan entrepreneur, Julius Mwale, based in New York. MMTC is built to be a hub for world-class Medical Treatment and Research, centered around the 5,000 bed Hamptons Hospital and surrounded by shopping, 2000 hotel rooms, a convention center, an airport, a 36-hole golf resort and a water park.
Akoin is a world leading blockchain based digital asset platform and cryptocurrency led by global artist Akon. It is committed to bringing a wide reaching and trusted digital currency to Africa and world-wide, with an emphasis on developing areas with unavailable or inconvenient access to financial services.
The Akoin Ecosystem will provide token holders with access to a wide range of decentralized apps (dApps) and tools for entrepreneurs to connect, engage, and scale business in regions such as Africa, while providing a positive social impact to their communities.
Through the Akoin Utility Token (the currency), and the Multi-Currency Wallet and Marketplace, users will be able to ‘learn, earn, spend and save’ through their mobile phone as they connect and transact with the digital global economy, offering both stored value and local fiat conversion.