Davido, unarguably one of the biggest music stars in Africa has announced the launch of a new cryptocurrency asset, Echoke Social Token. This development could generate massive interest in bitcoin in one of the regions with the fastest-growing number of crypto users.
The multiple award-winning singer and record label executive took to his social media pages to announce the launch of the cryptocurrency.
Davido’s sojourn into the world of crypto will be a huge one for the adoption of bitcoin in Africa. With Nigeria already being the largest bitcoin market in Africa and one of the biggest in the world. The country has witnessed a spike in the demand for bitcoin in recent years as a hedge against its failing Naira.
Now in an unprecedented move, Davido has revealed a new collaboration with Bitsika. Bitsika is a Ghana-based payments company that allows users to send and receive money in various currencies, including cryptocurrency.
Backstory – Davido and Bitsika
Recall that Bitsika had unveiled the singer as brand ambassador in late 2020. According to its CEO and Founder, Atsu Davoh, Bitsika is now in partnership with Davido and his DMW team. In a previous interview with tech creative and YouTuber Peace Itimi, Davoh revealed at the time that Davido serves as Chief Marketing Officer (CMO) of Bitsika.
According to Davoh, the afrobeat singer and his team are hands-on and actively handle marketing strategy at Bitsika. The DMW team also have plans to test new use cases for the fintech brand’s products. Could the all-new E Choke token be one of those?
In his announcement about the token, Davido shared that they’re returning power back to the fans. “The tokens will give you free access to giveaways, NFTs, backstage passes, jobs, festivals, exclusive merchandise, media, and hospitality benefits.” he wrote.
The singer added that in the spirit of democracy, they will not be selling the tokens to the public. “We will release the tokens to the fans through periodic giveaways throughout the next 12 months, the First giveaway on NOV 28th”. Furthermore, access details will be available on the Omegoat Labs Instagram page.
The first crypto-native product of its sister outfit Omegoat, E Choke is a Pidgin slang made popular by Davido. It literally means “It chokes” i.e the choking one gets in the throat. However, in the Naija parlance, it is an exclamatory remark for something overwhelming or extremely impressive.
The token was planned and built hand-in-hand with Nestcoin and Davido’s team, Bitsika wrote. Echoke is a community token built with incentives to provide value to entertainment and hospitality consumers.
According to the creators, holders of the Echoke Social Token will have access to giveaways, concert passes, hotel discounts, and much more. Twice a month, these token holders will be given rewards that can only be accessed by paying with the token.
From being the most followed African entertainer to using his social media page to raise N200 Million in 48 hours (Read more about the historic move here), and now turning a viral slang into a social token, is it safe to say that Davido is the king of social media?
Written by Uriri Onojake, Glazia contributor and media executive working in a communications firm in Lagos.