Add Akon to the list of celebrities who are launching their own cryptocurrencies.
The 45-year-old "Smack That" singer announced Monday at Cannes Lions International Festival of Creativity that he not only is launching his own crypto, "Akoin," but also will use it in his Akon Crypto City, a 100 percent crypto-based city in Africa.
First reported by Page Six, Akon said at Cannes Lions:
According to the coin's website, the new city, which is already in development, is a 2,000-acre land gifted by the president of Senegal, Macky Sall, to Akon.
This, as the website calls it, "real-life Wakanda" (referring to the city prominently featured in the Black Panther film and comics) will be equipped with everything a normal city would have from residential buildings, retails, parks, to universities and schools.
When asked about technology details regarding his cryptocurrency, Akon was quoted as saying: "I come with the concepts and let the geeks figure it out."
Best known for his music, the Senegal-descent singer has been largely transferred his career focus to giving back to African communities in recent years. He launched a project named Akon Lighting Africa in 2014 aimed at solving electricity shortage problems in Africa.
"Start your career with what you're great at… not what you want to do. Build your career then chase your passion," he said.
Image Credit: Miguel Campos / Shutterstock.com
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.