Akoin, the cryptocurrency established by singer Akon, has completed its initial pilot testing in Mwale Medical Technology City in western Kenya and is ready for a national rollout soon.
According to a spokeswoman for Mwale Medical Technology City, the pilot, which began in November 2020, is intended to pave the way for $5 million in monthly transactions at MMTC.
According to Cointelegraph, the pilot stage allowed residents to pay and be paid using Akoin, with transactions being converted into cell phone minutes or other kinds of trade promptly.
Full implementation is planned to start in September, with monthly transactions likely to skyrocket to $2 billion by 2022. By then, Akoin will have been the city’s only business transaction platform.
Akoin is a cryptocurrency meant to assist entrepreneurs, company owners, and social activists in transacting locally without many of the barriers that plague Africa’s emerging economies.
The Akoin initiative aims to hire 5,000 personnel in the first six months and 20,000 by the end of 2022 in order to achieve complete implementation.
MMTC plans to have a “big launch event” in September to introduce Akoin to a wider audience. According to the spokesperson:
“A major launch event scheduled for September will include the launch of a new hospital wing in MMTC and the activation of Akoin across 5,000 beds at the Hamptons Hospital and 30,000 transactions per month, utilizing Akoin’s Atomic Swap technology, Merchant Services and Akoin Credit and Debit Cards.”
According to the spokesman, Akoin is anticipated to become the “second most popular payment platform after M-Pesa,” a mobile-phone-based money transfer and micro-financing service popular in Africa and other developing countries, by the end of 2022.
Mwale Medical Technology Metropolis is a freshly constructed city that includes a cutting-edge medical and technology complex.
The Akoin pilot was viewed as a stepping stone toward the cryptocurrency’s adoption by Senegal’s massive Akon City project.