Grammy-nominated singer Akon will launch his forthcoming token using Stellar’s blockchain. 

According to an update, the Akoin cryptocurrency ecosystem will use Stellar’s network as its basis. Akoin co-founder and president Jon Karas said the decision was made in part due to the shared values between his project and Stellar. 

He said, 

Akoin selected Stellar’s distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa.

The update claims Akoin will be compatible with Stellar wallets and interoperable with all digital assets and currencies currently supported by the Stellar network. Karas highlighted the Stellar Network’s “efficient cross-asset transfers of value” as a benefit for Akoin and said users will be able to instantly swap from one currency to another. 

In addition, users will be able to exchange mobile phone minutes, which have become a popular means for exchange in certain parts of Africa, for Akoin and other currencies on Stellar’s network. 

According to a spokesperson for the project, Akoin will not be a stablecoin and instead have a fluctuating price.

He said, 

Akoin is not a stablecoin, but we will provide access to other leading stablecoin offerings within our eco-system.

The project also intends to create an all-in-one platform for crypto-assets, where users can “learn, earn, spend and save.”

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