Boom Foundation To Feed 2 Million Nigerians Through

Lagos, Nigeria, April 16, 2024 (GLOBE NEWSWIRE) —  Boom, a blockchain-based e-commerce ecosystem and digital payments platform, announced the launch of its first Boomcoin-To-Meals (B2M) initiative, which aims to feed two million Nigerians amid the ongoing severe food crisis brought upon by the recent hike in inflation. This initiative will provide vital relief by airdropping 1 Boomcoin (BMC) each to 2 million Nigerians who will be able to purchase food bundles that they can either collect or have delivered to their homes. Boom Foundation has allocated 1 million BMC to this airdrop and has opened the initiative to public donations, which will be matched 1:1 for all donated BMCs, up to an additional 500,000 BMC.

As Nigeria grapples with a significant humanitarian challenge that impedes economic development and stability, immediate action has become crucial. Headline inflation, which hit a high of 31.7% in February, has eroded consumer spending power, leading to one in ten Nigerians currently facing food insecurity.

This means that nearly 22 million people in Nigeria are unable to feed themselves and their families.

Born in Lagos, Nigeria, Peter Alfred-Adekeye, Founder and CEO of Boom, recognised the severity of the ongoing crisis and decided to launch B2M to help combat its effects. With B2M, Boom intends to demonstrate the potential of blockchain and digital assets to reliably deliver immediate aid during crises and the need for this technology to foster long-term socio-economic empowerment.

Nigerians will need to download the Boom app and complete KYC to receive their airdropped BMC. These tokens can be used immediately to purchase essential food packages on the Boom marketplace. In collaboration with local food vendors, Boom has designed these food packages to provide 2 million Nigerians with all the essentials to feed their families for a day. Once users purchase the food bundles, they can choose to either pick it up or have it delivered directly to their homes.

1 BMC will feed a Nigerian for a day. Accordingly, Boom Foundation has committed 1 million BMC for this cause, valued at $6.23M or NGN6.23 Billion. It will also match 1:1 every BMC donated by interested parties, up to 500,000 BMC, allowing everyone to participate in the initiative and make a difference in the debilitating situation in Nigeria today.

“This initiative is not just about providing immediate relief,” said Peter. “It’s about laying a foundation for sustainable development and economic stability through blockchain. Regions like Africa and many others have been underserved for far too long, and we see the potential of this technology to change lives. Complacency has led to the suffering of millions of people everywhere, and we cannot afford to stand by any longer. We hope B2M acts as a stepping stone to further philanthropic initiatives across the world.”

Seeing the hardships his people throughout Africa face daily due to their lack of access to financial infrastructure, Peter founded Boom to provide the unbanked and underserved with the ability to buy, sell, pay and get paid online without banking. Furthermore, with Boom, Africans can now pay for goods and services across borders in their local currencies.

The Boomcoin-To-Meals initiative underscores Boom’s commitment to leveraging crypto-for-social-good and marks a significant step towards addressing the urgent needs of Nigerian communities while promoting a more inclusive economy.

Boom Foundation calls on the crypto community, Nigerians and Africans in the diaspora, businesses and non-profit organisations to support this initiative and help make a tangible difference to those in need.

For more information about the Boomcoin-To-Meals initiative, or if you are interested in participating, please visit https://boom.market/meals or contact meals@boom.market   

About Boom
Boom stands at the forefront of financial inclusion by enabling the 1.7 billion unbanked people and businesses across the world to buy, sell, pay and get paid online without requiring a financial institution for payment processing.

At the core of Boom’s comprehensive commerce ecosystem is the mass market Boom superapp, encompassing a Marketplace for all goods and services, a Wallet for payments, Boom Talks for secure communication, and Boom Hose for community engagement.
Boomswap is the ecosystem’s decentralised digital asset exchange protocol where all the world’s currencies have been tokenised to foster cross-border trades in local fiat, and at layer one is the Boom blockchain, and its root asset, the Boomcoin (BMC), the only acceptable form of payment for fees, goods and services across the entire Boom Ecosystem.

Boom Foundation is the ecosystem’s non-profit, focused on impact investments for social good using its grant of 50 million BMC.

To learn more about Boom and Boomswap, please visit https://boom.market and https://boomswap.org.