Akon’s Cryptocurrency, Akoin, Hits $5M Volume in Kenya

Akon’s cryptocurrency, Akoin, has reached $5 million in total transaction volume in Kenya. Akoin, which is based on the Stellar blockchain, was launched in November 2020 and began trading against bitcoin (BTC) and USDT on the Bittrex Global crypto exchange on November 11th of that year.

From all indications, the Akoin token is gaining wide acceptance as major brands are adopting it as their cryptocurrency payments. For example, Mwale Medical and Technology City (MMTC), a $2 billion metropolis centered on a 5,000-bed medical and technology complex, has accepted the digital asset as payment since February 2021.

According to David Gitonga, founder and CEO of BitcoinKE, who spoke to BeInCrypto, Akoin was being used at the facility to pay for various services, including treatment. Gitonga says… “Akoin is being used to pay for services at the hospital and this is expected to be extended to other services within the city. In addition, Akoin is expected to be used to pay for services in the region (western Kenya), which is popular for sugarcane farming, one of the expected use cases for the digital currency.”

Over the past year, AKN has hit more than $5 million in transaction volume, according to Akoin co-founder John Karas. Around 35,000 users from western Kenya, a region of 17 million people, have been on-boarded, BitcoinKE, a local online media outlet, reported.

“Our biggest mission is that Akoin ends in the hands of users, not people that are speculating on exchanges,” said Karas. “We really want this to be a tool that empowers financial inclusion.”

The token which began as a pilot for payments at a high-tech smart city in the East African country last year, is at the heart of the $6 billion Akon City in Senegal.

The project seeks to address the need for vibrant new community development, with a vision to create Business districts, residential districts (high-rise) education districts, healthcare districts, technology districts, Media districts, entertainment districts, and sports facilities with a recreational enclave for the surrounding area to address the market need for the development in Senegal.


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Hafiz Akinde
Hafiz Akinde
Hafiz Akinde is an award-winning writer, author, and experienced content marketer. He is the co-founder and Chief Technical Officer at Tech With Africa, a tech platform that aims to decentralize tech news, build more tech leaders, and localize tech concepts for the African community.

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