The venture division of the world's largest cryptocurrency exchange, Binance, has announced its investment in the popular cryptocurrency app Blum.
Blum is a hybrid decentralized crypto exchange integrated into the Telegram messenger. To date, the project has attracted over 60 million users.
### Blum Receives Funding from Binance Labs
The Blum project was officially launched on April 19, 2024. During its launch, Binance Labs included Blum in its MVB incubator program. Within just 24 hours, more than 100,000 users had registered on the project’s waiting list, according to a press release from Binance's venture division, shared with BeInCrypto.
In September 2024, Binance Labs made an investment in the hybrid crypto exchange. Although the exact sum of the investment has not been disclosed, this backing marks a significant milestone in Blum’s journey.
Gleb Kostarev, the founder and CEO of Blum, commented:
> “We are grateful to Binance Labs for their support, which will accelerate the creation of Blum's trading infrastructure and allow us to scale to new markets. The investment from Binance Labs is a crucial milestone in the development of our project and the realization of our mission to create a product within the Telegram ecosystem, offering users a seamless and intuitive experience with both centralized and decentralized finance.”
### A Growing Platform
Blum operates as a gamified mini-application within Telegram. Since its launch, the project has significantly expanded its user base, with a new focus on the tap-to-earn model, where users "tap and earn."
Blum now ranks third worldwide in popularity among all cryptocurrency platforms. The app boasts over 18 million active daily users, making it one of the leading platforms in the global crypto space.
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