Akon Launches Crypto City Project in Senegal
Last updated on November 1st, 2022 at 04:17 pm
Multi-award winning singer and entrepreneur Akon has been awarded a $6 Billion contract to build a futuristic crypto city in Senegal. The contract was awarded by U.S. engineering firm KE International and will use Akon’s Akoin cryptocurrency for transactions.
Based on the June 5th announcement, KE International has already secured $4 Billion for the first two stages of the project. The plan for the futuristic crypto city was first announced by Akon in January. More details about the deal have been added as the deal has now been confirmed.
Phase 1 & Phase 2
Project organizers have set the completion date for the Phase 1 of the project in 2023. After the first phase, the structural settings will include a hospital campus, a solar power plant, a waste facility, a school, hotels, residences and a mall.
The Phase 2 will commence afterward first phase completion and is expected to be completed by 2029. According to the project’s plan, the second phase will be the completion of the entire city with the whole city running on Akoin cryptocurrency.
As announced earlier in March, the cryptocurrency coin known as Akoin will be targeted towards developing countries in Africa.
KE International Involved in Other Projects
KE International has been involved in several exciting projects in Africa. The firm is also heavily involved in the construction of Mwale Medical and Technology City in Western Kenya, which will cost $2 Billion. The project began in 2014 and is expected to complete before the end of the year.
The medical complex is already nearing its completion, with about 85% of all work already done. The hospital, with 5,000-bed spaces, also collaborated with Akon by leveraging the Akoin cryptocurrency for transactions.
A Momentous Project
Technology is gradually taking the world by storm, as the new rave of the moment is the complete building of smart cities from scratch.
It has been on the ground, with several institutions and organizations having plans for a futuristic city in different regions. For instance, the Crown Prince of Abu Dhabi wants to replace Jakarta by building a gigantic capital city that would cost $34 billion.
But the project in Senegal is quite different, as the award-winning singer is building a smart city that would run only on Akoin cryptocurrency.
Recently, he informed the community on social media that an agreement has been reached with the tourism officials in Senegal for the proposed 2,000 acre Akon City, which will be situated outside Dakar. When the project is complete, it may become the largest real-estate project in West Africa.
The 2,000 acres ground where the project will be situated has been acquired as a gift from Senegalese President Macky Sall. According to reports by CNN, the site is an only five-minute drive from the recently completed new international airport outside Dakar. From details gathered about the project, it will be a mix of residential and commercial space and the entire project is focused on tourism.
Although Akon has been on a break from his music career for the past few years, he has channeled his energy towards other areas in entrepreneurship and philanthropy, including the Akon Lighting Africa project.
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