Preheat oven to 350F. PAM spray two 9 inch round pans and line the bottoms with parchment paper.
In a large bowl, beat the egg whites until soft peaks form.
In a medium bowl, mix the coconut oil, sugar, egg yolks, vanilla, vanilla bean seeds, and almond extract together until well combined.
Add the cream and water and beat again until well incorporated.
In another large separate bowl, whisk the almond flour, coconut flour, baking powder and salt together.
Add the wet ingredients and half the egg whites to the dry ingredients and mix well.
Fold in the remaining eggs whites and toasted coconut.
Mixture will be on the thick side.
Divide batter evenly between pans and spread out with a spatula to smooth the tops. Bake for 30-40 minutes or until cake is golden brown, no longer jiggly in the middle and a tester comes out clean.
Let cake cool in the pan for 10 minutes then transfer to the fridge to finish cooling.
Allow cake to cool in the fridge for at least an hour before removing from the pan and frosting.