Rapper and entrepreneur, Akon, shares his vision for his forthcoming Akoin cryptocurrency in this exclusive video interview with BNC.
The crypto platform will enable the tokenized trading of mobile phone credits, a popular alternative to many volatile fiat currencies on the continent of Africa.
In this interview preview, Akon discusses how the widespread use of mobile phone credits as a means of trade across Africa inspired the Akoin crypto network.
To find out about Akon’s plan to build crypto-powered cities in every major African city, check out our complete exclusive video interview with Akon.
According to Akon, most people “don’t really understand how Africa itself works.”
He states: We have so many currencies in Africa A lot of them are unstable, and most of them are untrusted. It got to the point where the day-to-day African people don’t even use the currencies anymore, they’re using their cell phone minutes and credits as a way of trading for basic goods like produce, fish, fruits and things on the market.
Akon says that the use of phone credits as currency inspired the “atomic swap” function on the Akoin platform — which lets users trade phone credit for cryptocurrency.