Cryptocurrencies became a “breaking news” worthy topic in 2017. We saw a rare leap of growth in this new emerging space of financial technology that hasn’t been seen since the “Dot com” bubble in 2000; where share prices of internet focused companies increased astronomically and similarly dropping in dramatic fashion. Subsequently, there are almost 2,000 cryptocurrencies in existence and they are continuously growing as we speak. The one you’ve probably heard of though is Bitcoin.
Seen as an unregulated means by which funds are raised for a new cryptocurrency an Initial Coin Offering (ICO) is used by startup companies to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks to finance projects. Word on the street is that Akon, the Grammy nominated artist and producer, wants to build a new city in his home country of Senegal, and wants to achieve this by utilizing his own cryptocurrency called “AKoin”.
AKoin is the exclusive currency of what Akon wants to use in his Akoin Ecosystem, a system designed as a solution to fix a problem. Here is what he sees as the problem:
“Young entrepreneurs in Africa face real hardships in creating and building businesses — problems that have hampered sustained development for too long. Global brands, likewise, face similar challenges that prevent their successful entrance and acceptance on the continent. Over half of Africa’s population today is under 25, but despite the improvements smartphone technology and the internet have brought, most still face limited access to global innovation and opportunities. Currency instability and inflation and a lack of banking services are at the heart of the African entrepreneur’s dilemma. Challenges in trade and movement of money hamper growth and the need for access to high-quality education and revenue-generating opportunities is massive.” (akoin.io)
We won’t get too deep into details on the cryptocurrency itself since it is still in development, but AKoin is essentially geared towards promoting young entrepreneurship, economic stability and growth across Africa and the world. If you would like more information on Akon’s cryptocurrency and to possibly invest in the offering, we have provided the website to the project below. Stay tuned as we will analyze the AKoin and its ecosystem in an upcoming blog post.
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