Akoin Marks $5 Million Volume in Kenya, Akon City Claimed To Be ‘Ponzi Scheme’

Akon’s cryptocurrency, titled Akoin, has touched a $5 Million milestone in its trade volume in Kenya. It was initiated as pilot program for payments previous year.
Token was particularly created for transactions at an advanced smart city in an East African nation previous year.
Akon leveraged facility to try Akoin, a digital asset which is at the core of $6 Billion Akon City in Senegal.

An Instrument For Monetary Inclusion

Akoin, a crypto asset discovered by musician and philanthropist Akon, has marked $5 Million in its trading volume since its inception as a pilot for transactions at a high-tech smart city in Kenya previous year.

This news comes as Akon’s previous business collaborator Devyne Stephens made criticisms towards both, his token as well as musician’s planned ultra-advanced city in Senegal, calling them ‘Ponzi Scheme,’ as per documents filed in United States court on 7th March.

Since February previous year, mwale Medical and Technology City (MMTC), a $2 billion metropolis focusing on 5,000-bed tech and med complex, made use of virtual asset as a mode of transaction.

It was leveraged by Akon to try out AKN, cryptocurrency at the core of Akon City, a futuristic town presently being developed in its native Senegal, and is worth $6 Billion.

Over previous year, Akoin has marked over $5 Million in trading volume, as per John karas, AKN co-founder, about 35,000 folks from Western Kenya, an area of 17 million individuals, are on board.

Criticism For Futuristic Akon City

With Stellar blockchain being Akon City’s foundation, Akoin was released back in November 2020, trading against USDT and BTC on cryptocurrency exchange Bittrex Global.

Akon wants to build a city similar to Black Panther’s Wakanda in his native nation of Senegal in West Africa, This town, which involves a solar energy plant, a waste facility, a hospital, hotels, schools, homes, and other amenities in its initial stage, will operate wholly on cryptocurrency.

The prominent rapper has already piled up $6 Billion in funds for development of this project, to be built by KE International, a US-based engineering organization, same body which developed MMTC.

Akon have high hopes regarding potential of crypto-asset assisting in flawless, inexpensive, swift, and efficient trade across Africa.

However, this project and its token were criticized by Devyne Stephens, previous business partner of Akon.

He said that, Akoin ventures, as well as Akon city, have several trademark features (called red flags) of deceptive business ventures like Ponzi as well as Pyramid schemes. This is why both are an element of a deceptive fundraising scheme.

Extension of Akoin

Akoin co-founder, John Karas, stated that his team is strategizing expansion of utility as well as adoption of the token in western Kenya.

For this, team will unveil a payroll system based on Akoin to cover whole Mwale hospital personnel and its domestic supermarket chain in summer.

Plant’s 5,000 workers will get their income in crypto asset, stated Karas.

As of this writing, Akoin (AKN) was trading at a market value of $0.08622, down by 2.83% in previous 24 hours.