This new cryptocurrency, already presented during last year’s Malta Blockchain Summit, aims to allow young African entrepreneurs to strengthen the emerging economies of the continent.
During the event, it was also revealed that this project aims to build an ecosystem for dApps, becoming a marketplace for decentralized applications, especially those that could improve the financial and non-financial lives of the African population.
In fact, Akoin aims to create solutions for digital payments to be used mainly in Kenya but also in the rest of Africa, in order to create a solution for those who do not yet have a bank account in this country.
According to their objectives, the platform will reach 1 million transactions within the first year of work and 100 million within the first 5 years, hence interesting numbers for a newborn blockchain.
Basically, Akoin aims to become a competitor of mPesa, which is one of the most famous services used in Africa.
Moreover, a partnership for Akoin with Mwale Medical and Technology City (MMTC) in Kenya was revealed during BlockDown 2020. It is a sustainable metropolis with a wealth of $2 billion in this part of Africa and, according to Akon, this will give a lot of strength to the project.
“This strategic partnership with MMTC will give Akoin a dominant position to control the market of 400 million people in East and Central Africa, many of who rely on mobile digital transactions for their financial services”, is explained during the event.
Currently, Akoin is based on the blockchain of Stellar Lumens (XLM) and the token is listed on Stellar’s DEX.