Akon’s Crypto Project Adds Financial Infrastructure Outfit Delchain As Partner

Akoin, a cryptocurrency project from famous singer Akon, has joined up with blockchain financial infrastructure company Delchain. 

“Bahamas-based digital asset management leader Delchain, an affiliate of Deltec, has provided strategic advisory services and expertise in connection with Akoin’s token generation event on a top tier exchange, scheduled for Q2 of 2020,” Akoin president and co-founder Jon Karas said in an email to Cointelegraph.

Delchain and Akoin contacted Cointelegraph, stating Delchain is part of Deltec International Group, not Deltec Bank and Trust Limited as was previously stated in this article before its update. 

A representative from Deltec International Group confirmed to Cointelegraph that Delchain is a subsidiary of Deltec International Group.

Akoin helps people in asset maneuvers

Constructed on Stellar’s blockchain, Akon’s crypto endeavor aims to provide utility tokens for atomic swaps, allowing parties to transition across various digital assets and fiat currencies, among other things, according to a copy of the project’s white paper shared with Cointelegraph. 

Akon described current monetary difficulties in Africa, including unstable and unstable currencies. The singer even said the country’s citizens often barter with cell phone minutes and credits in exchange for products and food. 

“Akoin is a blockchain ecosystem and cryptocurrency designed to fuel rising entrepreneurs in Africa and beyond,” Akoin COO and co-founder Lynn Liss told Cointelegraph in an email, adding:

“Akoin's mission is to unlock the potential of the world's largest growing economy by creating revenue- generating opportunities and stimulating innovation, entrepreneurship, economic stability, and growth across Africa and other lean economies.” 

Delchain delivers know-how

Delchain adds depth in a number of areas for Akoin. The outfit brings “Industry best practices, financial services and top tier relationships related to digital asset management, token generation events and token custody management and services,” Karas explained. 

“We decided to partner with Delchain, Delchain being one of the most prolific financial facilities in the crypto world,” Akon said in a statement provided to Cointelegraph. 

He added:

“When we met with them it was more so about allowing them to understand what we are trying to do in Africa, the kind of challenges that they will be facing, that most banks and financial facilities aren’t willing to take at the moment.”

Since Bitcoin’s inception more than a decade ago, many famous personalities have jumped into the crypto space with ties to various products, including Johnny Depp’s partnership with crypto social platform TaTaTu, and 50 Cent’s allowance of Bitcoin in album sales. 

Some of these celebrity-involved crypto dealings have gone south, however, as was the case with Floyd Mayweather, who faced action from the U.S. Securities and Exchange Commission, or SEC, for his ICO advertising.

UPDATE March 20, 16:14 UTC: This article has been updated to reflect further investigation after initial publication, as well as additional data from Akoin, Delchain, and Deltec International Group.