Boom, an e-commerce platform that uses cryptocurrency, launches in Nigeria

Boom, an integrated e-commerce marketplace that will allow anyone to buy and sell products online with crypto, has been unveiled in Lagos.

By Anna B Kiwanuka

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Boom, an e-commerce platform recently officially launched in Nigeria. The platform, which is the first of its kind will enable users to transact using a cryptocurrency called Multicoin.

The new e-commerce platform’s owners described it as a digital ecosystem with many sectors, including a Boom Marketplace where customers can find goods and services from vendors, a Boom Wallet for payments, and Boom Messaging for communication.

Peter Adekeye, the founder, stated during the launch that customers would need to top up their Boom wallets with Multicoins in order to make purchases. Merchants who accept Multicoin payments would then be able to instantly convert those funds into Euros, their home currencies, and very soon Central Bank Digital Currencies (CBDC).

He continued by saying that it has a built-in safe wallet that makes it easier to transfer and receive Multicoins and that there are zero fees for all transactions.

He further added that the Multicoin is an ERC-20 token that is stored on the Ethereum network. It is therefore protected by Ethereum’s Proof-of-Work (PoW) consensus algorithm.

Inorder to transact, one has to simply add Multicoins into one’s Boom wallet in order to start shopping. Multicoins may be bought with cash over the counter from authorized Multicoin resellers all around the world.

The platform will be accessible on Play Store and Apple Store in the upcoming weeks. Any user can download Boom and register (KYC) with just the necessary requirements. Adekeye explained that this is being done to ensure adherence to EU standards and to get rid of spam, scams, and online abuse.

“Get KYC, everybody is verified therefore there’s no anonymity. We get to know everybody to avoid spam. Once we get the KYC, you essentially go on and create a virtual profile,” he concluded.

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