Baanx-powered Akoin Card launches in Mwale Medical and Technology City

on Feb 19, 2021
  • The Akoin Card will let its holders spend AKN directly from their digital wallets.
  • Reportedly, Akoin and Baanx seek to scale the ecosystem to handle 1.5 transactions monthly.
  • The project aims to expand throughout Africa to offer easy access to digital currencies.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Akoin, a digital asset and blockchain platform developed by Akon, recently joined hands with Baanx to create a fully-integrated debit card. The duo has now rolled out Akoin Card in the £1.43 billion Mwale Medical and Technology City (MMTC) in western Kenya. Baanx disclosed this news through a blog post of February 17, noting that the debit card would let its holders spend Akoin (AKN) directly from their digital wallets.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

According to the blog post, this launch will see MMTC residents start to receive their salaries in AKN. Apart from this, the card will offer them access to payments in the global economy, a need that the project deems critical. Reportedly, this launch is part of a broader goal to roll out the Akoin Wallet throughout Africa. The mass adoption of Akoin Wallet would also mean making the debit card mainstream, seeing as adopters can activate their cards from the wallet to spend AKN across the globe.

Disrupting the African financial sector

Copy link to section

The Akoin Card launch in MMTC will see Akoin and Baanx monitor AKN transactions to determine the coin’s usage in the city. By the end of the year, the project estimates that the card will be servicing 20,000 workers in the city. With plans to expand this service throughout Africa, Akoin seeks to introduce a trusted, stable, and universal digital asset. In so doing, the project hopes to address issues, such as hyperinflation and financial exclusion, which are associated with weak national currencies

Per the blog post, the Akoin ecosystem aims to offer a positive social impact to local communities. The project intends to achieve this feat by introducing a broad range of financial services, such as decentralized applications (dApps) and tools for entrepreneurs to improve their businesses.

By launching Akoin Card in MMTC, the project believes that it is now well-poised to increase the recognition, trust, and mass adoption of digital currencies. After MMTC, Akoin plans to make AKN the native currency of Akon City, a £4.29 billion project in Senegal, which is currently under development.

Blockchain technology Crypto