In a recent interview, Akon, the grammy-award rapper and founder of the Akoin cryptocurrency for Africa, has revealed that cell phone prepaid minutes common in Africa, were the inspiration behind the Akoin cryptocurrency.
Akoin has partnered with BitMinutes in order to deliver their proposed Akoin cryptocurrency to the developed world of Africa.
Speaking in the interview, Akon said:
“We have a lot currencies in Africa and a lot of them are unstable, and most of them are untrusted. It got to a point where the day-to-day African people weren’t using their currencies anymore. They were using their cell phone minutes and credits as a way of currency trading for basic goods.
That came with a crazy idea on building what you call the atomic swap on the Akoin platform where you can utilize your cell phone credits and turn them into Akoins that you can use as real currency and spend them at the markets.”
When asked why he decided to deploy Akoin on the Stellar blockchain, he said:
‘I’ve always liked how Stellar system was set up since they conform to these under-developed markets, specifically in Africa. They’ve teamed up and partnered with thousands of banks and they always think outside the box and I always felt they would be a great partner for us to have.”
Akoin believes the Akoin cryptocurrency is set up to empower young Africans and the way to do that is have a money that is set up right.
He also discussed his upcoming Akon City and updated the audiences on developments on this initiative mentioning it is expected to be done within 5 years.
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