akon city money

Akon, a former R&B singer and rapper, has cracked a deal with a Kenyan billionaire to set up a second smart city powered by the Akoin cryptocurrency. Similarly, Carine Vavasseur, an "ecosystem builder" at DER, Senegal's startup fund, told Business Insider DER supported many startups that could be involved in building Akon City but that nobody from Akon City had contacted the organization. One key step in moving plans for Akon City forward was getting the backing of the Senegalese government, which Karas said was a "multiyear process." The city will consist of parks, universities, schools, a stadium, hotels and an industrial complex. And if Akon has his way, this will be the first of several more Akon-branded smart cities throughout Africa. I’m also the first black woman to anchor a daily news show from the New York Stock Exchange. And don't forget the office buildings, parks, schools, hospital, and sports stadium. Akon, left, and Senegal's tourism minister, Alioune Sarr, on August 31. And by 2034, the continent is expected to be home to the largest working-age population — about 1.1 billion people. (Photo by Gabriel Olsen/Getty Images), Deciding What To Do With The 401(k)s You Left Behind, Biden Excludes Student Loan Forgiveness From Budget Proposal, But Calls For More Funding For Higher Ed: Key Details, How Biden’s No-Tax Pledge Could Sink His Climate Change Initiative, This State Will Pay Off Your Student Loans If You Move There To Buy A Home, When Taking Social Security At 62 Is The Better Deal, An Easier Way To Pay Fewer Taxes In Retirement, Biden Begins An Important, Much-Delayed, National Debate About Long-Term Care Reform, Student Loan Cancellation Could Get You Student Loan Forgiveness, But Completely Ignores This Major Problem, market capitalization of more than $267 billion, a cryptocurrency powered by a marketplace. It’s like a waste of a billion dollars,” he … Akoin Token. All of this skepticism relates to concerns these countries have about the riskiness of digital currencies and the potential for people in these countries to lose money. The second phase of the Akon City project is scheduled to begin in 2024 and be completed in 2029. And Akon said he could see "more of the elite local Senegalese living there first before the middle class. The plans for Akon City include condos, office buildings, a stadium, and a resort. There will be an oceanfront boardwalk with restaurants, hotels, and condos, he said. And Akon is far from the first person to attempt to build a smart city in Africa. Akoin is a blockchain platform and digital currency led by Akon. (Photo by Gabriel Olsen/Getty Images). What we found is that Akon is helming a $6 billion project that teeters largely on a single named investor's backing — one who has a history of lawsuits on file regarding unpaid debts. In March 2012, a New York court ordered Mwale and SBA Technologies — alongside another defendant, Fiona Graham — to pay more than $325,000 to two women who sued Mwale and Graham for what they alleged was a fraudulent loan. Many proposed smart-city projects, which are typically defined as developments that use technology to run more efficiently and sustainably, have stalled. Karas, Mwale, and KE International all declined to name any other backers. More than 60% of people in Africa are under 25 years old, unbanked, and heavily rely on mobile phones to do everything. Akoin, the cryptocurrency project created by global music star Akon, has secured a deal to become the main currency of the $2 billion technology city in Western Kenya. He's pivoted from churning out hip-hop and R&B hits to carving out a new identity as a tech entrepreneur in Africa. Two months later, the Los Angeles firm KE International announced it had been awarded the $6 billion construction contract for Akon City. "Sometimes we have projects that are done exclusively with external people, and when it's done, you have a barrier with the population because they will feel like this has been done here but maybe it was not done with us — or for us — at the end of the day," Vavasseur said. Though none of the projects have been successfully realized yet.Time will tell whether cryptocurrencies like Akoin will bring stability to African economies or leave consumers wishing they had kept their money in traditional currencies. I am the CEO of CultureBanx covering the intersection of business, technology and innovation for minorities. Our top reads covering luxury, culture, food, travel, and health. Despite his recent lack of activity and having six kids, money "don't matter" (LOL) — Akon still has quite a bit of cash. While Akon's star power may have faded in the US, it shines brighter than ever in Africa. In the case of Akon City, the land was given away to the project’s promoters by the president. Flash-forward to 2020, and Akon's music may no longer be blasting from teenage girls' cars, but the singer has been far from inactive. In recent years, Akon has put his music career on the back burner and launched projects in Africa that include Akon Lighting Africa, a solar-power project founded in 2014 that says it operates in 18 countries. Kenya’s Central Bank has slow-walked issuing regulations on cryptocurrencies. According to Mwale's spokesperson, he's responsible for the bulk of the $4 billion that's been raised. Akon City will be built on 2,000 acres of land that was gifted to the Grammy-nominated artist by Senegalese President Macky Sall. I am the CEO of CultureBanx covering the intersection of business, technology and innovation for minorities. Akon went on to sell more than 35 million albums worldwide and collaborated with stars like Lady Gaga, Eminem, Gwen Stefani, Michael Jackson, Lil Wayne, and Snoop Dogg. Construction is expected to start in early 2021. Afterwards, he moved to New Jersey, the USA where he got his education. It is also being launched as a means of payment in a tech city in Kenya as a pilot for Akon City, the $6 billion futuristic city that is being built in Senegal. It's more than a two-hour drive from Dakar on a narrow two-lane highway, according to Google Maps. I was raised in investment banking while working at UBS. 3BLACKDOT on November 15, 2019 in Los Angeles, California. It’s a head spinning ride from chart topping hits to building a futuristic metropolis, but the R&B singer plans to carve his name into the property … "In 25 years, all the normal buildings will be looking like this," the lead architect said. Another person familiar with the project, who spoke on condition of anonymity because they weren't authorized to speak about the finances, told Business Insider the total cost of building Akon City could very well end up being "double" the budgeted $6 billion. When asked to name some of the project's local partnerships, Karas did not provide Business Insider with any specific names or organizations. But that's not what he wants his legacy to be, Akon told Business Insider on a recent call. Akon City. since, “No Rules Rules: Netflix and the Culture of Reinvention”. In 2018, BBC estimated in 2018 that Akon's net worth was about $80 million. Karas said that while he couldn't yet reveal the other partners in the project, they are made up of "companies and high-net-worth individuals" from around the globe, particularly Africa and the Persian Gulf states. Akon Crypto City will apparently be "a short drive" from Dakar, the capital of Senegal. A leading-edge research firm focused on digital transformation. Karas confirmed to Business Insider that Mwale — who is the only named financier of Akon City so far — was the lead investor. "Looking forward to hosting you in the future," Akon tweeted alongside the announcement that the deal was finalized in January. Some social-media users have chimed in to say that Akon Tower resembles a sex toy. Akon at a climate conference in Morocco in 2016. When a glossy plan or vision is then put forth, the value of that piece of land, and lands adjacent to it, are suddenly escalated. Alaattin Dogru/Anadolu Agency via Getty Images, Slavova, the smart-cities researcher at the University of Warwick, said she had yet to see the construction of a smart city "done in a sensitive and considerate and inclusive way that takes into account local people. There was a certain period of time, right around the year 2006, when you could barely turn on a radio in America and not hear Akon's voice. LOS ANGELES, CALIFORNIA - NOVEMBER 15: Akon attends the Akon Lighting LA - Disclosure Festival at ... [+] 3BLACKDOT on November 15, 2019 in Los Angeles, California. Akon joins a host of other celebrities involved in cryptocurrencies. Many African governments have expressed skepticism about the viability of cryptocurrencies. Akon City's official website depicts a futuristic metropolis filled with gleaming twisting skyscrapers and palm trees. And while several of the most prominent people involved in the city's development — including Akon — tout the city as a future job generator for locals, none were able to lay out a plan for how exactly locals would benefit from the construction of this gleaming giant. Fara Ndiaye, the deputy executive director of Speak Up Africa, a nonprofit organization focused on sustainable development, told Business Insider her group had not been contacted by anyone from the project. Uganda’s government has reportedly allocated land for Akon’s crypto-city development project in the country. VIDEO: Akon answers a question on whether Ugandans will be able to afford services in 'Akon City.' A beach in Dakar in April. “If you can have a billion dollars sitting in the bank, while you have all these people suffering, it’s crazy to me. Akon says he’s been a crypto fan for years (he invested in Bitcoin in 2014). Mwale's spokesperson told Business Insider his lawyers would litigate any "frivolous judgements/suits within statute of limitation until justice is served." I’m the CEO of CultureBanx, redefining business news for minorities. Akon City is a $6 billion sustainable smart city planned for the coast of Senegal in Africa all fuelled by the cryptocurrency Akoin. In an episode of the "Blockchain Journeys" podcast in March, Karas said they need a huge security team when they go to Africa "because of the number of people that just want to touch him.". Akoin, is now part of the nearly 1,600 cryptocurrencies trading around the world in an industry with a market capitalization of more than $267 billion, according to data from CoinMarketCap. The developed economy aims to adapt future development. There was no cost of acquisition. Physically, Karas envisions the city as a "hyperdrive" version of various world-famous cities: a mix of the Barcelona coastline in Spain with the futuristic-looking skyline of Dubai, United Arab Emirates, and a bit of New York City's Madison Square Garden thrown in for good measure. Der Akoin ist als Utility Token ausgelegt, hinter ihm soll ein „großes … But experts in sustainable development and smart cities, as well as leaders in the local tech scene, agree that Akon should include the community in the development process, rather than wait for the working class to trickle into Akon City after the elite crowd settles in. Africa could indeed be an ideal place to develop smart cities because its booming young population is more likely to adopt the technology, according to a 2016 report by the consulting firm Deloitte. According to Wealthy Persons , Akon's net worth in 2020 is an estimated $90 million from several albums, years of topping charts, winning various awards (AMAs, five Wоrld Мuѕіс Аwаrdѕ, ВET Нір Нор Аwаrdѕ аnd Віllbоаrd Аwаrdѕ). A former Kenya Air Force soldier, Mwale left the country in 2000 under "unclear circumstances" and sought asylum in the US, according to Capital FM, a Kenyan radio station. One of the key players in this ambitious endeavor is Akon's business partner Jon Karas, a former Hollywood producer. "African smart cities" has been a buzzword for the past 10 or 15 years, Mira Slavova, an assistant professor at the University of Warwick who wrote a research paper on smart cities in Africa, told Business Insider. JOHN WESSELS/AFP via Getty Images. Here's what it's like to visit 'Crypto Valley' — Switzerland's picturesque blockchain version of Silicon Valley, Akon is moving forward with plans to build a $6 billion sustainable. You may opt-out by. Value is created without anything actually being built. For some in Senegal, the question isn't whether Akon can build a glitzy, sustainable smart city in Senegal — but whether he should. Man plane Bezirke für afrikanische Kultur, Wohnen und Büros, Unterhaltung, Sicherheit und Gesundheit, Bildung, Technologie und letztlich Senewood: ein senegalesisches Äquivalent zu Hollywood. We liked each other ... We found out we believe in many of the same things, which is social impact, the power to make the world a better place, the rise of Africa, and rising economies generally.". The current evolution required a flexible infrastructure to accommodate new real estate development. Previously, I produced TV for the number one business news network on CNBC’s top rated shows Squawk on the Street and Squawk Alley. While it may seem far-fetched to some people, integrating blockchain technology into city building has been gaining traction in recent years. The key players of Akon City also don't seem to agree on whom exactly the city is being built for. Plans for a smart city in South Africa, once hailed as an "African Manhattan," were thwarted when the city of Johannesburg rejected the proposal because it didn't include affordable housing. With the project still in its relative infancy, the question remains whether Akon's vision can be realized. Akon said the city would empower Africa's youth, but few details have been released on community involvement in Akon City, which has tapped a Los Angeles construction firm and an architect from Dubai, United Arab Emirates. By clicking ‘Sign up’, you agree to receive marketing emails from Insider On August 31, Akon, clad in a powder-blue suit and a white face mask, stood next to Senegal's minister of tourism, Alioune Sarr, as the minister laid the first stone in a ceremony at Akon City's construction site. AKONCITY will play a vital role in the quest for solutions to these challenges. Courtesy of Hussein Bakri, Karas, on the other hand, described the likely initial residents as business owners, businesspeople, and "a certain number of Europeans looking for a vacation spot." Speaking four days after the death of actor Chadwick Boseman , who starred in the film Black Panther , Akon stated that he was partially inspired by the film in his desire to teach African-Americans in the diaspora about African culture. In the era of billboard toppers like Shakira, Justin Timberlake, and Kelly Clarkson, the Senegalese American crooner made his mark with megahits like "Smack That" and "Lonely.". Bakri acknowledged the plans for the city may seem fantastical. It will support up to 500,000 people, according to Bakri. Akon will soon have yet another African city that bears his name. In 2034, Africa is expected to have the world’s largest working-age population of 1.1 billion, according to the World Economic Forum Forum, which also projects that the continent’s consumers will spend $2 trillion by 2025. Karas said he could not provide documentation verifying the land deal because it was confidential. Akon City Es ist offiziell! He calls it "the first 100% crypto-based city with AKoin at the centre of transactional life". Their meeting kicked off a partnership that has culminated in Akon's most ambitious venture to date. Paul Martin, KE International's project manager for Akon City, talked about using advanced tech — blockchain, artificial intelligence, and the like — for job growth. The Grammy-award-winning musician dodged the question but signaled that those with money should be giving back. All Rights Reserved, This is a BETA experience. He burst onto the American music scene at 30 years old with his 2004 single "Locked Up." It will allow the complete construction of the city which will operate exclusively with Akoin crypto-money. Will cryptocurrencies become the tool that puts African nations on the path to overcoming their economic challenges? Opinions expressed by Forbes Contributors are their own. They were surrounded by media, local politicians, members of Senegal's tourism agency, and residents of Mbodiene, the coastal village of fewer than 3,000 people that sits closest to the site. Akon's smart-city project has been years in the making, but 2020 has been the year that the dream has begun to take shape. Renderings of the city show gleaming structures that twist and curve without a single sharp edge in sight. Mwale told the outlet in 2009 that he was "forced to flee the country" after a disagreement with government authorities over the technology research he worked on in the military. Among those are a lightweight steel and glass that generate energy. The following year, Akon and Karas met in Los Angeles through one of the singer's endorsement deals. Akoin, which Akon said could be used with either "a smartphone or a dumb phone," will allow users to convert their unused prepaid mobile minutes to Akoin. Mit dem Akoin arbeitet Akon an einer eigenen Kryptowährung, die bereits im Juli 2020 an die Öffentlichkeit gehen soll. Noch in diesem Jahrzehnt soll das Projekt „Akon City“ einsatzbereit sein - die ersten Bauarbeiten sollen bereits im vergangenen März begonnen haben. The 2,000-acre waterfront oasis is being designed to serve as a hub for business and tourism, and the renderings are the stuff of science fiction. Akon — born in Missouri as Aliuame Badara Thiam — spent much of his childhood in Senegal before his family moved to New Jersey when he was 11. Rapper Akon, 46 (left), has signed a deal to build a 2,000-acre city in Senegal - the country of his birth - which he previously claimed would run on renewable energy and trade in cryptocurrency. Karas is the president and cofounder of Akoin and the CEO and cofounder of Akon Legacy Ventures, Akon's business entity that encompasses his other pursuits. "In 25 years, all the normal buildings will be looking like this," Bakri said. Akon steigt ins Krypto-Geschäft ein. The city will exclusively use the “Akoin” digital currency and plans to have parks, universities, schools, a stadium, hotels, and more. South Africa’s Revenue Service recently published guidance on how it would tax cryptocurrencies sparking debate about their classification. Google Maps Street View. Subscriber According to Karas, Akon wrote "a seven-figure check" to option the land. This means Akoin could really take off across the continent, since 6 of the 10 fastest-growing economies are in Africa. Senegal President Macky Sall. The construction firm, KE International, is based in Los Angeles, and the lead architect is based in Dubai. The next day, Akon met with Sall at the Presidential Palace in Dakar to present plans for the city. Now he's building a $6 billion sustainable smart city in Senegal that leaves little doubt as to the star power behind it. The cryptocurrency's white paper points to a 2019 report that estimated Africa would have 623 million mobile-phone users by 2025 — about half the population. Akon is moving forward with plans to build a $6 billion sustainable smart city in Senegal called Akon City. According to Euro News, building the futuristic city is estimated to cost $2 billion, which prompted Cannon to ask if Akon was a billionaire. Zimbabwe’s Reserve Bank banned banks from processing digital currency payments only for the country’s High Court to reverse the order. Akon, building a city from scratch, is something to actually watch out for since it'll be reflecting the future in every possible way. Residents will pay for everything with his cryptocurrency. Courtesy of Hussein Bakri. Business Insider made multiple attempts to reach both the president and the minister of tourism but did not receive a response by the time of publication. Die zweite Phase wird von 2024 bis 2029 gehen. In Dakar, the highest building is 250 feet tall. Another milestone came in April, when Akoin announced that the cryptocurrency would first launch in another smart city in Kenya, the Mwale Medical and Technology City (MMTC). Courtesy of Jon Karas. Akon City, a “futuristic cryptocurrency themed city” founded by music mogul Akon, is ready to begin construction in Senegal, after securing $4 billion from investors. © 2021 Forbes Media LLC. According to the press release, KE International helped secure an initial $4 billion in investment for the city from "leaders in the healthcare and technology infrastructure industries," including Julius Mwale, the Kenyan technology entrepreneur behind MMTC. Akon City’s phase 1 is expected to be completed by the end of 2023. Two thousand acres were simply handed over. It's unclear how much of a personal fortune Akon built up in those years, but in 2011, he ranked ninth on Forbes' list of hip-hop's top 20 earners and brought in an estimated $13 million. The digital currency was originally announced in 2018 and CultureBanx reported that along with his team they plan to build a whole ecosystem around Akoin, including construction of the city and initiatives to support young entrepreneurs. The Game is on the advisory board at Paragon, a cryptocurrency startup tailored to the marijuana industry. "That's where I'll be living.". A spokesperson for Mwale confirmed Mwale fled the country after a disagreement with government authorities and said his life was in danger. Akon City soll aus sieben Stadteilen bestehen und im Cadastral-de-Mbodiene-Park im Westen Senegals errichtet werden. It will include road construction, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant. In the past two years, Senegal has launched the Delegation for Rapid Entrepreneurship (DER) — a $5.4 million annual fund that supports young entrepreneurs with a focus on digital technologies — and passed a "startup act" that offers tax breaks and other benefits to incentivize new business in various sectors. Thursday, April 8 2021 Breaking News. Akon Tower, on the other hand — the proposed centerpiece of Akon City — would stand at nearly 985 feet, making it the tallest building in Senegal by far. Toyota is building a 175-acre smart city in Japan where residents will test out tech like AI, robotics, and smart homes. In 2017, Forbes Africa named him the most bankable artist on the continent. On September 1, Akon laid the first stone of the $6 billion city. Bakri & Associates Development Consultants. Hussein Bakri, the lead architect for the project and CEO of Dubai's Bakri & Associates Development Consultants, told Business Insider the city would be built from a mix of traditional construction materials and new materials developed specifically for Akon City. Provides a more trusted currency alternative that enables entrepreneurs to build and grow their business. The city will be powered entirely by Akoin, Akon said. But right now, Akon City is an empty 2,000-acre plot of land. Here's what the 'city of the future' will look like. Akon's proposed city is slated to be built about 62 miles from Senegal's capital. The fast pace of global changes, economic progress, Poverty, and technology race, continuously causing Senegal to face various new challenges. „Akon City“ soll Senegals Vorreiter-Stadt in Sachen Energieeffizienz und umweltfreundlichen Design werden, nur fünf Minuten vom internationalen Flughafen gelegen und mit eigener Kryptowährung funktionieren – dem AKoin. The Mwale Medical and Technology City ( MMTC ) is home to over 35,000 people and thousands of businesses, all of which will be using Akon’s Stellar-based cryptocurrency, the company said in a press release shared with … "We plan to literally franchise the city," Akon told TMZ in August of the development on the coast of the West African country where he spent part of his childhood. Previous reports that the president gifted Akon the 2,000-acre plot of land for the city were incorrect, Karas said. In New York, Mwale founded SBA Technologies Inc., a company that he said provided secure platforms for mobile banking and commerce. A transportation system will run both aboveground and underwater, Bakri said. First there was his solar-power company. Akon City is slated to be built on the Senegalese coastline about 62 miles south of Dakar and 35 miles from Dakar's new $575 million international airport. "It turned into a meeting of the minds," Karas told Business Insider. ", That list includes himself: "Once it's up, that's where you're going to find me," he said. According to Bakri, the city will be open to everyone, from janitors to engineers to Hollywood stars. I was raised in investment banking while working at UBS internationally and Goldman Sachs in the states. Akon City. “Akoin is a cryptocurrency powered by a marketplace of tools and services fueling the dreams of entrepreneurs, business owners, and social activists as they connect and engage across the rising economies of Africa and beyond,” according to the project’s website. The cryptocurrency proposed to power it? Mwale is a benefactor with a mysterious past and a history of being sued over allegations that he didn't pay his debts.

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