Grammy Nominated Singer To Launch Token On Stellar Blockchain

Grammy-nominated artist Akon has selected Stellar blockchain to build his Akoin virtual currency ecosystem.

Jon Karas, the co-founder and president of Akoin mentioned that they chose to introduce the crypto project on Stellar blockchain because of sharing analogous principles.

It is to be noted that a segment of Stellar’s mission is to assist in banking the unbanked. The spokesperson of Akoin emphasized the detail that Stellar was already working with industries in Africa and could aid with the project’s premeditated micro-loans and Dapps.

Furthermore, the Akoin utility token will be compatible with Stellar wallets. It will also be interoperable with all the virtual assets and fiat currencies kept up by the Stellar blockchain network.

The token users will be able to promptly swap from one currency to another. Karas cited the Stellar Network’s capacity to enable well-organized cross-asset transfers of value as a significant aspect.

This will essentially help with one of the specific objectives of the project, which is to aid in apprehending the value of cell phone prepaid minutes. Cell phone minutes are used as a sort of digital currency in some African countries, due to inflation and banking problems. Remarkably, the Akoin platform will empower users to swap minutes for fiat or other digital currencies.