from OKORO CHINEDU in Lagos, NigeriaNigeria BureauLAGOS, (CAJ News) – BOOM, the blockchain-based e-commerce ecosystem and digital payments platform, is investing €500 million (R10.5 billion) in its expansion and to create a stable liquidity pool for tokenised currencies. Boomswap has been created to foster cross-border trades, especially in emerging markets where 90 percent of all transactions are settled in cash. Peter Alfred-Adekeye, CEO and Founder of Boom, said Boomswap made commerce more equitable by enabling Africans and citizens of other emerging economies to pay cross-border in their local currencies. This while extending the utility of local currencies beyond borders into DeFi, which injects international liquidity, reduces settlement costs and enhances transaction transparency. “Boomswap will boost intra- African cross-border trades, which will translate into a growth in GDP and socio-economic well- being of all Africans,” he pledged.

Source: The North Africa Journal March 14, 2024 16:17 UTC