Construction for the First Cryptocurrency Themed City to Begin in Africa

in hive-126009 •  21 days ago 

Two years back when 5 times Grammy nominated singer Akon announced a crypto-themed city, I didn't take it seriously.

But when this month Akon City awarded $6 billion contract to a US based engineering firm KE International, it drew my attention towards it.

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Akon has already founded a successful company in 2014 viz. Akon Lighting Africa, which is providing solar power solutions in 18 African countries today.

So Akon's vision to develop smart and sustainable communities led to build this Akon City. Akon city will be a smart and environmentally friendly city running totaly on solar power. The city is being planned on a 2000 acre coastal area near the capital city of Senegal. The best part is this city's monetary transactions will be done exclusively through Akoin cryptocurrency.

KE International is already engaged in designing and development of yet another Green city since 2014 viz. Mwale Medical and Technology City (MMTC). MMTC is being developed in Western Kenya in Africa and is expected to be completed by the year end.

Interestingly, MMTC has also partnered with Akoin platform for its blockchain based transactions.

Sub-Saharan Africa has about 54+ different currencies but lacks in banking infrastructure with 62% of Sub-Saharan Africans having no access to a bank account.

So AKOIN is being projected as One Africa, One Koin. And with its planned introduction in two of the only LEED certified Green cities of Africa, it seems to be on a good start. It may also set a great precedence for laying the foundation of futuristic crypto-themed cities across the world and help adoption of cryptocurrencies by bringing them into mainstream usage.

Okay, so why I'm talking about this Akon City project today which is due to be completed by 2030 (though its first phase will be completed by 2023)?

Well, to be honest, I've a tiny investment in Stellar Lumen (XLM) and was thinking to increase my exposure. Since AKOIN is based on Stellar protocol, will the success of these projects lead to a good appreciation in value for XLM?

That's my question to you for today. 😇

Thank you for being the part of this discussion!

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Probably XLM might end up appreciating from this project. I will like to consider is a good idea to HODL some XLM. one never knows the cryptocurrency that will really appreciate in this space.

Your advice taken. Thank you! :)

You are welcome ☺

Where did he get the $6bn ?
Or does he plan to raise them later on?

I am also impressed this news/idea is still there as I thought it was an unrealistic utopia.

Thanks for keeping us updated

From investors, I dunno. Although most news headline says $6bn but press release states:

With the awarding of the contract, KE International has secured US $4 Billion from investors for the first and second Phases of execution of Akon City, and will have Dubai based Bakri & Associates Development Consultants lead the architectural designs under KE International guidance.

May be, they included $2bn given to KE International for MMTC city too 🤔

MMTC city is named after the investor Mwale as he invested in that project. However, I haven't looked into the source of funding for this. But yes, it's not an easy task to raise this much fund. The 2000 acre land was gifted to Akon by Senegal President last year.