Famous US rapper and philanthropist Akon’s crypto project Akoin has partnered with Fireblocks to create a more secure wallet for a pan-Africa user base.
Akoin will integrate Fireblocks’ MPC wallet technology to improve its wallet’s security and custody capabilities in preparation for mass adoption. The enhanced multi-layer security is created by combining MPC-CMP with hardware isolation.
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“While the people of Africa seek new opportunity, it is imperative that it comes with the security required to give them comfort and peace of mind. The integration of Fireblocks along with the Akoin wallet provides this hands down.”
Akoin’s founder and Chairman Akon said about the partnership. Meanwhile, Fireblocks’ VP of Sales for the EMEA region Jonathan Dakin said:
“Africa has been working for a long time to improve stability by leveraging innovative technologies in order to modernize its economy so that it can be less reliant on extractive industries and more self-sufficient. Participants of the Akoin project will now have the same security as some of the world’s largest institutions.”
Akoin predicts that annual transactions using the Akoin wallet will hit $2 billion by the end of 2022.
The Akon wallet intends to simplify the process of participating in the crypto industry and aims to provide ease of access to users. It will be a custodial wallet that will not require any prior technical knowledge or third-party web3 extension wallets like MetaMask.
The first rollout of the wallet — mobile optimized for both iOS and Android — will allow users to purchase Akoin and various other cryptocurrencies directly from the wallet. It will also allow users to swap their coins and link them to the company’s newly released Akoin Card, which can be used at any online and physical Mastercard enabled merchant.
The second version of the wallet will add the Akon Marketplace, which will allow users to participate in various crypto and DeFi opportunities to “learn, earn, spend and save.” The version two release of the wallet will include partnerships and integrations with NFT marketplaces, fiat currencies, education and entertainment platforms, as well as various DApps and Apps.
Akoin: A brief history
Legendary Senegalese-American rapper Akon has been involved in crypto for a number of years and announced the Akoin project in 2018.
In addition to improving financial inclusion in Africa, which is one of the least banked populations in the world, he is also building a smart city — Akon city — in Senegal which will fully integrate crypto and web3 technologies.
The company successfully conducted a pilot rollout of its Akon wallet in Mwale Medical and Technology City in 2021, following which the Kenyan city began full-scale adoption of the Akoin (AKN) cryptocurrency in July 2021 and now uses it as its main currency and payment platform.
The coin was listed on BitMart in September 2021 and is currently trading at $0.08 per coin.
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