March 6, 2024Blockchain

Crypto platform Boom Unveils Decentralized Exchange

Boom, a blockchain-based e-commerce and digital payment platform, has introduced Boomswap, a decentralized exchange designed to tokenize and trade the world’s currencies against its native cryptocurrency, Boomcoin ($BMC).

According to a press release seen by Cryptomode, this development aims to provide a robust solution for the unbanked population worldwide, enabling them to engage in online transactions. Boomswap operates on the Boom blockchain, utilizing smart contracts and an automated market maker model, diverging from traditional order-book-based exchanges.

The platform allows users to create and fund liquidity pools and earn fees from swaps. It supports tokenized fiat currencies alongside $BMC, facilitating direct banking transactions without the usual on-chain gas fees, thus reducing the cost of trades.

Initially focusing on tokenizing African and Middle Eastern currencies as stablecoins, Boomswap ensures liquidity and ease of fiat conversion, targeting regions where cash is the primary mode of transaction.

Boom’s Ecosystem Expansion

Following the launch of Boomswap, Boom secured a €500 million investment from a private family office. This funding is allocated for ecosystem growth and the creation of liquidity pools to support the tokenized currencies. The investment signifies confidence in Boom’s potential to enhance digital financial services and expand its global footprint.

Furthermore, the platform’s ecosystem includes various services aimed at the unbanked population, including the Boom super app, which features a marketplace, wallet, communication, and community engagement tools. The introduction of Boomswap is poised to advance Boom’s mission of financial inclusion by facilitating cross-border transactions in local currencies, thereby simplifying the process for users and merchants alike.

With its comprehensive digital financial platform, Boom is enhancing access to online transactions for the unbanked, leveraging blockchain technology to offer innovative solutions in the digital economy.