American pop icon Akon is creating his own cryptocurrency and a city as well for its use

By: |
Published: June 21, 2020 2:30 PM

Akon, whose full name is Aliaume Damala Badara Akon Thiam, had invested in Bitcoin in 2014 and had announced potential plans for the Akon City last year.

Akon had spent his early childhood in Senegal before he moved to New Jersey in the US.

American singer and entrepreneur Akon is launching his own cryptocurrency Akoin and building Akon City – a 2,000-acre development in Senegal (a country in West Africa) that will have Akoin as its local currency, Bloomberg reported. Akon, who is of Senegalese descent, was struck with the cryptocurrency idea when a few years back he couldn’t convert Senegal’s currency to euros during a trip from Dakar (capital of Senegal) to Paris. “That really catapulted the energy to say ‘We have to have our own currency,” he told Bloomberg News. The currency is likely to be launched in early July, according to Jon Karas, President and Co-founder, Akoin.

Akon, whose full name is Aliaume Damala Badara Akon Thiam had invested in Bitcoin in 2014 and had announced potential plans for the Akon City last year. He also had a land agreement with the Senegalese government earlier this year. However, the government is neither giving funds for the city nor it has a stake in the coin, Karas said. 10 per cent of the total float of the cryptocurrency Akoin will be issued via a public sale in the beginning. This amount may change as per the demand while another 10 per cent is to be held by executives, advisers and directors of the company, as per a white paper published. Apart from Akon, Karas, the third founder of Akoin is Lynn Liss who also serves as chief operating officer. The founders are subject to a six-month lockup period. “We’re in this for the long-run,” Karas said.

Also read: Boycotting Chinese goods? Be prepared to pay more for your next smartphone, TV, car, other items

Akon sold over 35 million albums globally and had spent his early childhood in Senegal before he moved to New Jersey in the US. He rose to fame in the early 2000s when his debut album “Trouble” was released. Akon had 27 songs on the Billboard Hot 100 and has worked along with the likes of Lady Gaga, Eminem, Gwen Stefani etc. His cryptocurrency Akoin is been created to be a utility token (having a specific use) instead of an investment tool, Karas said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Equity Strategy: Muted earnings were largely in line
2Markets rise 466 points to close at four-month high
3JP Morgan Funds buys TCS shares worth Rs 247 crore