Binance Labs Supports Blum: A New Decentralized Crypto Exchange Integrated with Telegram
Although the full version of the exchange is expected to launch by the end of 2024, Blum is already offering some of its core features through Telegram.
Key Notes
Binance Labs has invested in Blum, according to a recent announcement from the upcoming decentralized crypto exchange.
Bloom says this new investment will help him achieve his goal of providing a seamless user experience in both traditional and decentralized finance.
The platform uses a click-to-earn model as a growth plugin.
Binance Labs, the investment arm of Binance, may have just invested in Blum, according to a recent announcement. Blum is a decentralized cryptocurrency exchange that is integrated directly into the Telegram platform.
Founded by former Binance executives Gleb Kostarev and Vladimir Smirkis, Bloom has made a name for itself in a very unusual way. The platform uses the popular “click-to-earn” approach to great effect but in a rare way as it seeks to merge decentralized finance (DeFi) with gaming.
Bloom says Binance investment will boost its development plans
Related Article: Former Binance Executives Unveil New Crypto Platform Blum
Blum first launched on April 19, 2024, and quickly made its way into the hearts of many within the crypto community. Its rise to fame was so rapid that it saw over 100,000 users sign up to its platform within the first day of its launch. This in itself was proof enough that the new decentralized exchange (DEX) had caught the attention of the audience it was aiming to attract.
However, Blum currently operates as a Telegram Mini app, allowing its users to tap into Telegram's massive ecosystem, which has over 950 million monthly active users.
Although the full version of the exchange is expected to launch by the end of 2024, Blum is already offering some of its core features through Telegram.
However, according to the DEX, this new investment will help it achieve its goal of providing a seamless experience for users in both traditional and decentralized finance.
CEO and co-founder Gleb Kostarev expressed his excitement for Binance, saying in a partial statement:
“We are grateful to Binance Labs for their support, which will accelerate and develop Blum’s trading infrastructure.”
Pay-per-click model: A growth add-on
It’s worth noting that Blum has taken it upon itself to do things a little differently than other crypto projects. Namely, by incorporating gaming mechanics into the user experience. However, it may be worth noting that Blum is not a game but rather an upcoming DEX that has simply explored the “click-to-earn” model to scale.
But so far, this method has worked. As of the time of publishing this article, the platform is currently the third most popular crypto platform in the world. There are already over 60 million users on it, and it receives over 18 million daily users. Additionally, over 30% (20 million) of its total user base have expressed their trust in the project by linking their crypto wallets to Blum.
Another testament to the platform’s incredible growth so far is its Telegram channel, which has over 22 million subscribers. This means that only two other Telegram channels are ahead of the platform, albeit in terms of subscriber numbers.
Future plans
From all indications, Blum isn’t looking to slow down its growth efforts anytime soon. It plans to introduce a memepad feature that will allow users to mint their tokens in seconds and trade them directly on the platform. Blum has also partnered with established crypto platforms like OKX, Bybit, and Bitget, as well as popular artists and rappers.
Although Bloom has yet to share the nitty-gritty details of these partnerships, the exchange says it will announce the same soon.