Akon is building another futuristic, crypto-powered city in Africa. Now, we can expect at least two Wakanda-like cities – one in Senegal and one in Uganda – that run on Akon’s cryptocurrency, Akoin. The implications of this endeavor are astounding for those who have been conservative about crypto in the past. Some people just saw it as either currency you’re hiding from the government or a hedge against inflation. Akon is showing us how people in underdeveloped countries can find new wealth in decentralized currency. When your home nation’s dollar plummets in value, and your leaders continue to print more, crypto could be the perfect solution to keep your head above water.
Akon’s crypto cities
Akon’s cities will be smart cities run on solar and wind power, and of course Akoin. They’ll be residential and commercial with huge buildings for condos as well as resorts, stadiums, e-commerce headquarters and more.
But, the Senegalese-American singer’s dream doesn’t stop there. He explained in the past that he sees blockchain and crypto as the savior for Africa.
He wants to eventually rebuild the entire continent based on these two pilot programs. “[Crypto] brings the power back to the people and brings the security back into the currency system,” Akon explained at Cannes Lion Festival in 2018. With this token, Akon hopes to unite Africa’s people and economies, making it easier for entrepreneurs to build, grow and protect the continent from inflation and instability.
Jack, Jay Z and Akon
Akon isn’t the only one who believes in crypto for underserved communities. Jack Dorsey and Jay Z set up a 500 Bitcoin – around $24 million – fund named ₿trust to fund Bitcoin development in Africa and India.
How this ties into Coinbase
Akon’s commitment to using crypto as a wealth-builder for African nations and people is proof that it may not be just a fad. Because most cryptos such as bitcoin, ethereum and dogecoin are decentralized, some insist that major banks and even governments will never adapt. Crypto believers like Akon and even the rapper Nas will point us toward endless possibilities.
Nas was an early investor in the crypto trading platform Coinbase, which just joined the stock exchange. Coinbase gives new adopters the ability to buy and trade different cryptocurrencies without huge fees and barriers to entry. Coinbase IPO shares received are predicted to price at $250 each, which would value the company at $65 billion. Nas stands to make over $100 million from his investment alone. With such huge support, there’s no way crypto is falling off any time soon.