Akon’s cryptocurrency, the Akoin is set to be adopted at the $2 billion Mwale Medical and Technology City (MMTC) in Western Kenya, marking the first major application for the Akoin, which Akon says will power the entire African continent.
The technology city in western Kenya was built around the 5,000-bed Hamptons Hospital and is home to over 35,000 people.
“Today we won a major digital currency partner Akoin for Hamptons Hospital transactions at a block down 2020 conference (Blockchain Covid-19 virtual event) that will support free payment transactions without fees,” said a statement from MMTC.
Akoin is a multi-currency digital wallet attached to an online marketplace that simplifies local and global exchanges of value. The marketplace will be a hub for decentralized apps, apps, and financial services for entrepreneurs and other users to access and utilize.
According to the white paper, Akoin seeks to minimize the barriers to entry for entrepreneurs and small businesses in Africa, while simultaneously providing a gateway for global brands currently struggling to access this demographic.
The crypto also aims at solving problems to do with land ownership, titling, and records management which is a prevailing issue in developing countries. In addition, the technology targets applications in healthcare, utilities and solar power, and crowdfunding in addition to other uses.
According to crypto-news flash, adoption of the Stellar-based Akoin at MMTC will begin with the city’s Hamptons hospital and expanded to the Mwal-Mart supermarket chain followed by the hospitality industry.
“This could result in approximately 50 million transactions per year using the Akoin, by 12,000 patients per day and 9,000 employees,” it says.
Akoin will also be the central currency of Akon City, a sustainable and futuristic smart city planned for Senegal. As part of the blockchain design of this smart city, Akoin, Inc. has a letter of intent with Akon and Akon City committing to the usage of Akoin as the central currency.