The grammy-award winning artist and producer Akon has chosen to launch his Akoin cryptocurrency ecosystem on top of the Stellar blockchain.
Akoin co-founder and president Jon Karas said they chose to build the project on the Stellar network due to the shared values between his plan and Stellar.
“Akoin selected Stellar’s distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa.”
Akoin will be compatible with Stellar wallets and interoperable with all digital assets and currencies that are supported by the Stellar network. Karas emphasize the Stellar Network’s “efficient cross-asset transfers of value” as a benefit for Akoin and said users would be able to swap from one currency to another instantly.
Also, users will be able to swap mobile phone minutes, which have become a popular means for exchange in certain parts of Africa, for Akoin and other currencies on Stellar’s network.
Akoin goal is to provide a financial system to the unbanked across countries in Africa and other developing nations throughout the globe. Using the Stellar Blockchain network will allow the user to tap into the global currency, and be able to transition between currencies rapidly.