American singer and entrepreneur Akon is launching his own cryptocurrency 'Akoin' and also building a 2,000-acre city in West Africa's Senegal city, which will be called as Akon City and will have Akoin as its local currency, Bloomberg reported. Akon, whose full name is Aliaume Damala Badara Akon Thiam, spent his early childhood in Senegal before relocating to New Jersey.

Apart from the Grammy-nominated singer, there are two other co-founders of Akoin -- Jon Karas and Lynn Liss. The cryptocurrency is likely to be launched in early July this year, according to Karas, who is the President of Akoin.

10% of the total float of the cryptocurrency Akoin will be issued via a public sale in the beginning. This amount may change as per the demand while another 10% is to be held by executives, advisers and directors of the company, as per a white paper published.

About the Akon city, the construction of planned US $6 Billion futuristic-cryptocurrency themed cityis being done by KE International, a US based Consulting and Engineering firm. Akon City's Phase 1 is expected to complete by end of 2023, and will see the construction of roads, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant.

Akon City Phase 2 will run from 2024 to 2029 and will end with a complete cryptocurrency City running exclusively on AKOIN cryptocurrency.

Besides, there will also be a Akoin Multi-Currency Wallet that will serve as the native Akoin wallet allowing its users to trade amongst partnered cryptocurrencies internally without facing major hurdles and fees often found with exchanges. This exchange is enabled through a proprietary and private Atomic Swap technology that makes a direct transfer with all major cryptocurrencies, our Partners’ alt currencies possible, without having to go through a major exchange. The Multi-Currency Wallet exists within the Dapp (decentralized applications) Marketplace as one of its functions.

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