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.

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Whether it’s ordering a pizza or booking your next holiday, all online payments require a bank account—yet over 2 billion adults worldwide remain unbanked, limiting their participation in the digital economy. They rely solely on cash, which cannot be spent online.

Boom Technologies Ltd (“Boom”) bridges this gap by digitising cash and connecting it to the global digital economy, empowering everyone to securely spend, accept, and save cash online—without ever needing a bank, while maintaining robust compliance with AML/KYC regulations. Each transaction is traceable, verified, and compliant with local and international financial regulations.

Digital assets are generally subject to high volatility, regulatory uncertainty, and operational risk. Users should conduct their own due diligence and may wish to seek independent financial advice before engaging in any digital asset activity.

Tokenised Cash on Boom — including the tokenised GBP (bGBP) — should not experience volatility because they are backed 1:1 by GBP-denominated reserves held in-country for the benefit of bGBP holders. These reserves are managed in a Boom Reserve Fund, custodied by regulated financial institutions, and may consist of short-term Government bonds, gold, Bitcoin, and cash.

Boom Technologies Ltd, registered in England & Wales (Company No. 15034868), is not a bank, does not operate as one, and does not intend to become one. Boom is not authorised or regulated by the UK Financial Conduct Authority (FCA).

Over 2 billion adults worldwide remain unbanked, limiting access to the digital economy. Most online payments require a bank account, but many still rely on cash, which can’t be used online.

Boom Technologies Ltd (“Boom”) digitises cash, enabling anyone to securely spend, accept, and save it online—without needing a bank account. Transactions are verified, traceable, and compliant with AML/KYC standards.

While digital assets involve volatility and regulatory risk, Boom’s tokenised GBP (bGBP) is backed 1:1 by GBP reserves held by regulated custodians. These may include government bonds, gold, Bitcoin, and cash.

Boom is not a bank and is not authorised or regulated by the UK Financial Conduct Authority (FCA).

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