The rapper launched the new currency during a panel discussion at the Cannes Lions. Akon stated that his hope is that it will help the continent of Africa, which he has made a number of strides to improve from a technological standpoint.
“I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down,” Akon said.
The website for Akoin states that a “Akon Crypto City” is currently in development on 2,000 acres of land. The property was reportedly awarded to the artist by the president of Senegal. The Crypto City will reportedly be “a first of its kind 100% crypto-based city with Akoin at the center of transactional life.”
The new project follows the launch of Akon Lighting Africa, a project started in 2014 which aims to provide electricity to the continent by way of solar energy. Since its launch, it has installed successful lighting sources in 14 nations, including Guinea, Senegal, Mali, Niger, Benin and Sierra Leone. It has launched a similar initiative in Latin America.