[VIDEO] Akoin Cryptocurrency to Power the Mwale Medical and Technology Smart City in Western Kenya

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Akoin, the Stellar-based coin by reknowned rapper, Akon, has secured a deal that will see the cryptocurrency become the main currency of Mwale Medical and Technology City (MMTC) in Western Kenya.

This will be the first time Akoin will be used both by the public and on such a large scale.

SEE ALSOThe Akoin Cryptocurrency for Africa to Launch on the Stellar Network, Rapper Akon Reveals

Mwale Medical and Technology City (MMTC) is a USD $2 billion sustainable metropolis centered around a state-of-the-art medical and technology complex located within Butere Sub-county, Kakamega County, of the Republic of Kenya. Construction on the 5,000-acre project began in 2014 and will complete in December of 2020. It is comprised of five districts being built in three phases. Phases 1 & 2 are 100% complete and construction of Phase 3 is currently underway with 40% percent complete.

The massive -5-district project includes:

  • Plaza District – Currently boasts of a sprawling multimillion-dollar shopping complex, international standard supermarket serving a wide selection of organic produce, the must-try Hamptons Café Bed & Breakfast, more than 100,000 sq. feet of private residential homes, the 5,000 bed Hamptons Hospital which will treat 12,000 patients per day when fully completed in the year 2020, and the already completed Cancer Center at the Hamptons Hospital
  • Airport District – Comprises of the world’s largest convention center, a 35-acre Disney-style water park, and a private international airport; all connected to the 5,000 bed Hamptons Hospital via cable car along a breathtaking route enjoying views of the last remaining tropical rain forest in Kenya as well as Mount Elgon, the second highest peak in Kenya.
  • Grid District – Contains most of the City’s stand alone residences including 3 to 4 bedroomed marionettes and 5-7 bedroomed mansions along the Boulevard. It runs 3 kilometers from First Street, Second Street, Third Street, continuing all the way to Twelfth Street; forming a grid like system along the Boulevard.
  • Golf District – Hosts the 36-hole Hamptons Championship Golf Course, the largest in Africa; as well as 4,800 homes for doctors, nurses, and other residents of the City
  • Industrial District – Host to the upcoming 144MW waste-to-energy power plant as well as other pollution-free industries and manufacturers

The entire project and activities are expected to be powered solely by the Akoin cryptocurrency.

MMTC is over 70% complete and operational since July 2019. The entire project will be fully completed by December 2020

In a statement, Akoin said:

“We just announced our partnership with Mwale Medical and Technology City (MMTC), the green smart city in Western Kenya. Akoin will process all the transactions occurring within the city!
Akoin will see a minimum of 1 million transactions in the first year at this City and 100 million transactions annually within 5 years.”

 

In order to be competitive with the already hugely popular M-PESA mobile payment system, the Akoin payment system will have no transaction fees in order to incentivize mass use. The only time when fees will be charged, though, will be when users withdraw their funds from the Akoin network.

 

A similar 2,000-acre smart city project on the outskirts of Dakar, Senegal, is also underway and will be powered by the Akoin cryptocurrency.

 

“Being able to make your own decisions financially is the key. A lot of the things in Africa are not controlled by Africans and I think this will give Africa their whole resources and ideas and be able to utilize the continent to their own benefit.” ~ Akon

 

 

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