September 18, 2024Blockchain

Boom Launches its DeFi Ecosystem To Lead the Unbanked Generation

Boom DeFi Ecosystem is a secure, self-custodial platform providing e-commerce solutions and financial autonomy without traditional banking

Boom Technologies (“Boom”), a DeFi unicorn and e-commerce provider for the unbanked, has announced the official launch of its decentralised finance market infrastructure, a secure and comprehensive e-commerce solution designed to empower the world’s unbanked and underbanked population.

The new ecosystem offers individuals and businesses a self-custodial approach to full participation in the global digital economy without the need for traditional banking systems.

With this launch, Boom creates “The Unbanked Generation” movement, a mindset that is open to everyone that is seeking an alternative to legacy banking and neo-banking, where commerce is permission-less, inclusive, equitable and instant.

The self-sustaining, decentralised ecosystem maximises all users’ financial autonomy through its innovative technologies:

  • Boom SuperApp is an all-in-one platform that facilitates secure online and offline transactions for goods and services. Already adopted in 52 cities worldwide, it enables users to conduct peer-to-peer (P2P) payments, marketplace transactions and cross-border trade without requiring a bank account.

    Since its launch in July 2023, the Boom SuperApp has recorded over 100,000 downloads, with over 35,000 KYC-verified merchants onboarded.

  • BoomPay is an online payment gateway that allows merchants to accept payments from unbanked customers at checkout, bridging the gap between digital and traditional commerce.

  • Boomswap is a decentralized exchange (DEX) that utilizes tokenized fiat currencies to enable instant cross-border transactions.

The Boom DeFi Ecosystem is underpinned by an artificial intelligence-generated credit scoring system, that provides access to fair credit for individuals’ and businesses.

Naomi Bourgarel, Chief Product Officer at Boom Technologies, commented:

“We are not just building an ecosystem but a movement, a decentralized future where financial freedom and agility is a right, not a privilege. With Boom, being unbanked is now a choice.”

About Boom

Boom is a revolutionary new world of e-commerce without banking for the billions of consumers and businesses with no access to the global financial system. Boom connects their trillions of dollars worth of cash, to the the global digital economy, enabling them to securely store, move, exchange, send, receive and spend it on goods and services online, while maintaining full control of it.

The Boom ecosystem consists of the Boom blockchain as the layer 1 payments and settlement rails, Boom superapp and Boomswap at layer 2 where goods, services and value are exchanged between merchants, consumers and traders with the Boomcoin, the ecosystem’s native digital asset as the medium-of-exchange and base currency, and Boom Foundation, the ecosystem’s non-profit arm which deploys Boomcoins-for-social-good.