In the past, companies have used cryptocurrency to fund future initiatives. Known as an Initial Coin Offering or ICO, this is an unregulated way to raise capital with little red tape. Grammy-nominated artist Akon has plans to launch his own cryptocurrency. His goal is to aid his home town of Senegal with a 2,000 acre housing development.

Why & When Will Senegal Entertainer Akon Launch His Own Cryptocurrency?

The idea can be traced back to a trip to Paris a few years ago. Akon was looking to convert his Senegal currency to euros. He was met with resistance from currency exchange centers in France. They were unable or unwilling to convert his CFA francs into spendable euros.

Fast forwarding to today’s international exchange market, the encounter remained top of mind. His answer to the issue is cryptocurrency. Bitcoin is the most popular and widely accepted crypto in the world. However, Akon is looking to take things a big step forward.

Plans are in the works to release an Akoin. This could act as a cryptocurrency to help fund his plans for the housing development. It would also act as the local currency in Akon City.

Other initiatives to launch individual coins as a viable currency have failed. The current system of fiat currencies tied to governmental or financial institutions remains the norm. His hopes hinge on the Akoin gaining acceptance across the African continent and beyond.

Jon Karas is Akon’s partner in these plans as president and co-founder of Akoin. He is looking to launch the new crypto in early July.

Akon was born in America and spent his early childhood in Senegal. He later relocated to New Jersey. A singer has sold more than 35 million albums on a global basis. Starting in the early 2000’s, he rose his way to prominence in the music industry with the debut album “Trouble.”

Over the course of his career, 27 songs have made their way to the Billboard Hot 100. Collaborations with Lady Gaga, Eminem and Gwen Stefani have added to his fame.

Recent world events such as the coronavirus have sharpened his interest in digital currencies. He was recently quoted as saying:

“It just goes to show the relevancy of why digital currency is such a futuristic event. And how this is the future as we’re moving forward. There are going to be digital currencies that will float through the whole universe that allow us to trade in a way that we’re already accustomed to. But now it’s going to be the norm.”

The plan for Akoin calls for an initial public sale to raise 10% of the float. Another 10% will be held by company executives and other interested parties. Lynn Liss is a third partner involved in the plan.

It is estimated that there are more than 5,000 digital currencies. Many of these coin offerings have been tied to business shortcomings and outright fraud. The lack of regulation raises issues of legitimacy pretty much across the board.

• Source: Singer Akon Is Launching a Cryptocurrency, Building Senegal City From Bloomberg.com On June 20, 2020.

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Celebrity Senegal Entertainer Akon Looks To Launch His Own Cryptocurrency

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Discover How The Celebrity Senegal Entertainer Akon Is Going To Launch His Own Cryptocurrency & Digital Currencies For Housing Development.

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Vladimir

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ArmyOfBitcoin.com

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