Singer Akon Announces Cryptocurrency and Plans for Real-Life 'Wakanda'

Add Akon to the list of celebrities who are launching their own cryptocurrencies.

The 45-year-old "Smack It" singer announced Monday at Cannes Lions International Festival of Creativity that he not only is launching his own crypto, "Akoin," but also will use it in his Akon Crypto City, a 100 percent crypto-based city in Africa.

"I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people, and brings the security back into the currency system, and also allows the people to utilize it in ways where they can advance themselves, and not allow government to do those things that are keeping them down."

According to the coin's website, the new city, which is already in development, is a 2,000-acre land gifted by the president of Senegal, Macky Sall, to Akon.

This, as the website calls it, is " real-life Wakanda" will be equipped with everything a normal city would have from residential buildings, retails, parks, to universities and schools.

When asked about technology details regarding his cryptocurrency, Akon was quoted as saying: "I come with the concepts and let the geeks figure it out."

Best known for his music, the Senegal-descent singer has been largely transferred his career focus to giving back to African communities in recent years.

He launched a project named Akon Lighting Africa in 2014 aimed at solving electricity shortage problems in Africa.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.