Grammy-Nominated Artist Akon to Launch Cryptocurrency on Stellar

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Multi platinum-selling recording artist Akon has chosen to build his Akoin cryptocurrency ecosystem on top of the Stellar blockchain.

Akoin co-founder and president Jon Karas said they chose to launch the project on Stellar due to sharing similar values.

"Akoin selected Stellar's distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa," he explained in a Feb. 28 announcement.

Part of Stellar's mission is to help bank the unbanked and Akoin's spokesperson highlighted the fact Stellar was already working with businesses in Africa and could help with the project's planned Dapps and micro-loans.

Swapping one currency for anotherThe Akoin utility token will be compatible with Stellar wallets and interoperable with all digital assets and fiat currencies supported by the Stellar network.

The Akoin platform will enable users to swap minutes for fiat or other cryptocurrencies.

The spokesperson confirmed that the Akoin token will have a fluctuating price.

Akoin aims to provide financial services to the unbanked across 54 countries in Africa and other developing nations around the world.

The 46-year-old singer is hugely popular in Africa and intends for Akoin to power the economy of his futuristic, $2 billion Akon Crypto City.

Akon has launched a number of development and charitable projects in the past including Akon Lighting Africa, which brought solar lighting projects into 18 countries - however, Akoin is a for-profit endeavor.