YoBitcoin
  • Cryptocurrency
    • Cryptocurrency News
    • Cryptocurrency Exchanges
  • Bitcoin & Co
  • Yobit
No Result
View All Result
  • Cryptocurrency
    • Cryptocurrency News
    • Cryptocurrency Exchanges
  • Bitcoin & Co
  • Yobit
No Result
View All Result
YoBitcoin
No Result
View All Result
Home Cryptocurrency News

Singer Akon Is Launching a Cryptocurrency Called Akoin

Timo by Timo
June 20, 2020
in Cryptocurrency News
0
Singer Akon Is Launching a Cryptocurrency Called Akoin
93
SHARES
488
VIEWS
Share on FacebookShare on Twitter


Akon

Photographer: Tim P. Whitby/Getty Images

Photographer: Tim P. Whitby/Getty Images

Sign up to our Next Africa newsletter and follow Bloomberg Africa on Twitter

When Grammy Award-nominated singer Akon tried to convert some of Senegal’s currency to euros during a trip from Dakar to Paris a few years back, he was met with resistance. An employee at the currency exchange counter in France told him, “Unfortunately, we don’t take those.”

“I’m like, ‘What?’” Akon recalled in a recent phone interview with Bloomberg New. He hadn’t had time to convert one currency to the other before he left for his trip and was stuck with a pocketful of CFA francs — the currency used in many French-speaking West African countries, including Senegal — and nowhere to spend them.

“It really just opened my eyes,” said Akon, 47, in the interview. “That really catapulted the energy to say ‘We have to have our own currency. I don’t care what it takes — we’re going to fix this.’”

The encounter served as a catalyst for one of his newest ventures, Akoin, a cryptocurrency that will also be the local currency in Akon City, a 2,000-acre development in Senegal. While some other coins have promised but failed to upend the system of fiat currencies, the hope is that Akoin will be adopted across the continent and beyond, with a launch likely to happen in early July, according to Jon Karas, president and co-founder of Akoin.

relates to Singer Akon Is Launching a Cryptocurrency, Building Senegal City

The American-born artist, who’s sold more than 35 million albums globally, spent his early childhood in Senegal before relocating to New Jersey. He rose to prominence in the early 2000s with the release of his debut album “Trouble.” He’s had 27 songs on the Billboard Hot 100 and has collaborated with the likes of Lady Gaga, Eminem and Gwen Stefani, among others.

Though his career spans more than a decade, some of his earliest hits, with titles like “Locked Up” and “Lonely,” saw a resurgence in recent months, becoming anthems for hordes of masses locked down in their homes amid the coronavirus pandemic. But recent events around the outbreak only acted to further sharpen his focus on the need for digital currencies, given that millions were hunkered down, unable to use cash and forced to shop online for necessities.

“It just goes to show the relevancy of why digital currency is such a futuristic event and how this is the future as we’re moving forward,” said the artist, whose full name is Aliaume Damala Badara Akon Thiam. “There are going to be digital currencies that will float through the whole universe that allow us to trade in a way that we’re already accustomed to — but now it’s going to be the norm.”

Akon says he’s been a crypto fan for years (he invested in Bitcoin in 2014). He announced potential plans for Akon City in 2019 and finalized a land agreement with the Senegalese government earlier this year — though the government isn’t providing funding for the project nor does it have a stake in the coin, Karas said.

When it comes to Akoin, 10% of the total float will be issued initially through a public sale, an amount that may change depending on demand. Another 10% will be held by company executives, advisers and directors, according to the white paper. Company representatives declined to disclose what percentage of the coin Akon will hold.

The coin’s three founders — Akon, Karas and Lynn Liss, who also serves as chief operating officer — are subject to a six-month lockup period and are released slowly thereafter. “We’re building a big ecosystem,” Karas said by phone. “We’re in this for the long-run.”

relates to Singer Akon Is Launching a Cryptocurrency, Building Senegal City

Digital currencies — of which there are more than 5,000, by some measures — have been cited as a way to open up financial systems and incorporate a greater mass of users, especially those who currently may not have access to banks. But there’s a debate about how best to do this: some have proposed digital tokens backed by central banks as a possible solution, while others argue for private-company involvement.

To be sure, the conversation is fraught and many prior undertakings have been called out for shortcomings and outright fraud. A lot is at stake, and the debate is likely to intensify as more institutions attempt to define their involvement. The Chinese government, for instance, already has a pilot program for an official digital version of its currency, while other governments have been loathe to relinquish the sovereignty of a national currency to the blockchain.

ICYMI: China’s Digital Currency Could Challenge Bitcoin and Even the Dollar

Akoin is built to be a utility token (meaning one that has a specific use), not an investment tool, Karas said. And Akon says he understands crypto’s tumultuous history — and cautions against blindly jumping into investments. At the height of crypto mania, thousands of tokens were in circulation — and many have since been weeded out.

“Whoever is interested, don’t just move on the hype,” he said. “Do your proper due-diligence, understand who you’re getting into it with, know the market that you want to invest in and have a plan of action as to what suits your benefit.”

— With assistance by Olga Kharif, Andre Janse Van Vuuren, and Claire Ballentine

Before it’s here, it’s on the Bloomberg Terminal.

LEARN MORE





Source link

Previous Post

Bityard Cryptocurrency Exchange Makes Trading Complex Contracts Simple

Next Post

BitMain Technologies Holding, Canaan Creative, Halong Mining – 3w Market News Reports

Next Post
BitMain Technologies Holding, Canaan Creative, Halong Mining – 3w Market News Reports

BitMain Technologies Holding, Canaan Creative, Halong Mining – 3w Market News Reports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

How to Buy District0x (DNT) Right Now • Benzinga

How to Buy District0x (DNT) Right Now • Benzinga

March 4, 2021
Bitcoin goes through third ‘halving’, falls vs US dollar

Bitcoin goes through third ‘halving’, falls vs US dollar

May 12, 2020
 Top Cryptocurrency Trading Bots 2020

 Top Cryptocurrency Trading Bots 2020

May 23, 2020
Chainalysis Joins Smart Contract Security Alliance

Chainalysis Joins Smart Contract Security Alliance

May 12, 2020
Iran Ditches Rial in Hyperinflation Crisis — Bitcoin Demand Rises

Iran Ditches Rial in Hyperinflation Crisis — Bitcoin Demand Rises

May 12, 2020
About 33% of pension funds, hedge funds now own digital assets such as Bitcoin

About 33% of pension funds, hedge funds now own digital assets such as Bitcoin

June 9, 2020
Bitcoin boom or bust: Is cryptocurrency changing the world? | UK News

Bitcoin boom or bust: Is cryptocurrency changing the world? | UK News

March 18, 2021

First Bitcoin ETF in North America debuts on TSX as cryptocurrency prices surge

February 18, 2021

Cryptocurrency Exchange Is on the Rise

May 12, 2020

The attempted come back of CoinEx, China’s forked-Bitcoin exchange

May 26, 2020

Tesla’s bitcoin investment ‘equivalent to carbon footprint of 1.8m cars’, bank claims

March 18, 2021

Why is Bitcoin the Most Trusted Cryptocurrency? – Read to Know | Info4u

December 15, 2020

Gold, bitcoin prices soar on expectation for post-COVID 19 inflation

May 12, 2020

SPDR S&P 500 ETF (ETF:SPY) – How Business Leaders Spend Thanksgiving This Year

November 27, 2020

Bitbuy, Knox And Insured Custody for Bitcoin Exchange – Bitcoin Magazine

May 27, 2020

What’s The Right Time To Start Buying Crypto?

March 4, 2021

How to buy Cryptocurrency?

If you want to start investing in Bitcoin and cryptocurrencies in 2020, you will first be faced with the big question: Where do I buy Bitcoin? First of all, it is important to distinguish between crypto exchanges and crypto brokers. Both are trading platforms where you can invest in cryptocurrencies.

Recent News

House edge: UK Gambling Commission issues another fine over money laundering failures

House edge: UK Gambling Commission issues another fine over money laundering failures

March 18, 2021
Dogecoin could eventually hit $1

Dogecoin could eventually hit $1

March 18, 2021

Categories

  • Bitcoin & Co
  • Cryptocurrency
  • Cryptocurrency Exchanges
  • Cryptocurrency News
  • Yobit
No Result
View All Result

No Result
View All Result
  • Home