July 8, 2024Blockchain

Boom Foundation Donates to 10,000 French Teachers to Boost Their Retirement Pensions

Boom Foundation, a leading non-profit in technology-enabled philanthropy, has just announced its 'Boomcoin for Teachers' (B4T) initiative.

This program aims to provide substantial financial support for teachers across France by allocating funds in the form of the digital currency Boomcoin (BMC), the Boom ecosystem's native currency and means of exchange. After a successful 1st donation to the Sainte Clotilde school, the Foundation is now extending Boomcoin-for-Teachers (B4T) to an additional 10,000 teachers responsible for the education of over 100,000 primary school children across 300 schools.

This support represents a tangible and valuable recognition of the invaluable work done by teachers every single day. The Foundation will begin contacting schools over the coming weeks to plan the BMC distribution, which will take place between now and the end of October 2024.

The Sainte Clotilde school, the first beneficiary of the B4T initiative, expressed their gratitude and enthusiasm for the Boom Foundation's work and impact on social good: “We are deeply touched by this donation as a sign of recognition for our teachers,” declared Mr Vernot, headmaster of Sainte Clotilde school. He added “knowing that our retirement will be a little more secure thanks to this initiative is incredibly reassuring.”

Welcome support during challenging times

The B4T initiative is the brainchild of Peter Alfred-Adekeye, renowned technology entrepreneur and founder of the Boom Foundation, the non-profit arm of the Boom ecosystem. Peter, a Nigerian-British national and self-declared Francophile with strong ties to the country, is well aware of the challenges faced by teachers. He proposed the use of blockchain technology to create a novel, real-life solution to support those who play an essential role in the education of future generations.

Teachers in France, like many public sector workers, face significant challenges, such as financial security during their retirement years. With an average retirement age of 62 and a median monthly gross pension of €2,100, many worry about the adequacy of their retirement funds to maintain an acceptable standard of living. Nearly 40% of French teachers believe that their pensions will not be sufficient to maintain a decent quality of life upon retiring.

Using technology for the greater social good 

What sets the Boom Foundation apart from other charitable initiatives is its innovative use of blockchain technology, and a dedicated 50m BMC grant to support social impact initiatives. All investments are transparently traceable on the public Boom blockchain ('Boomchain'), guaranteeing transparent and responsible fund management.

How B4T works

The B4T initiative support teachers financially by gifting each of them €1,000 in Boomcoins (BMC) a digital currency that is expected to grow in value by about 10000% over the next 3 years. The process is simple and secure thanks to the Boom application, which is available both on the Apple store and Google Play store.

Teachers just need to download the application, verify their identity, and create their self-custodial digital Boom wallet. The Foundation will then deposit the BMC donation into the wallet, where it will remain stored until the teacher's retirement, at which point the BMC can be converted into any fiat currency. An important stipulation is that the beneficiaries of the initiative will have to keep their BMC for a minimum of 3 years before cashing it out.

This approach not only provides long-term financial support for teacher, but also helps to familiarise them with the inherent benefits and features of blockchain technology. Using BMC, the Boom Foundation offers a modern and innovative solution to an old and more than current problem in France: financial security during retirement.

BMC's exponential and projected growth

BMC's value has already grown by 67,000% in the past 4 years, as the BMC ecosystem has become a cohesive framework, and the volume of transactions has steadily increased.

The Foundation's vision for the future

The Boom Foundation's mission is the maximization of human economic potential through the use of technology for social good. The BMC-for-X initiative, which includes projects ranging from meal distribution to medical care, demonstrates how blockchain technology can be deployed for a diversity of very important, real-life causes, thus proving its usefulness for solving everyday challenges.

Other Boom Foundation initiatives includes the Boomcoin-for-Meals initiative which aims to feed over 2 million Nigerians facing severe food insecurity.


To learn more about Boom Foundation, please visit https://boom.market/foundation or foundation@boom.market