Although the full version of the exchange is expected to have launched by the end of 2024, Blum already offers some of its core features through Telegram.
Binance Labs, the venture capital arm of Binance, may have just invested in Blum, according to a recent announcement. Blum is a decentralized crypto exchange that is integrated directly into the Telegram platform.
Founded by former Binance executives, Gleb Kostarev and Vladimir Smerkis, Blum has been making a name for itself in quite an unusual way. The platform is using the considerably popular “tap-to-earn” approach but in a rare way as it seeks to blend decentralized finance (DeFi) with gaming.
Blum Says Binance Investment Will Boost Its Development Plans
Blum first launched on April 19th, 2024, and quickly warmed its way to the hearts of many within the crypto community. Its rise to fame was so fast that it saw over 100,000 users sign up to its platform within the first day of its launch. That in itself was enough proof that the new decentralized exchange (DEX) had caught the attention of the audience it set out to attract.
Currently, however, Blum operates as a gamified Telegram Mini App. This has allowed its users to tap into Telegram’s massive ecosystem, which boasts over 950 million monthly active users.
Although the full version of the exchange is expected to have launched by the end of 2024, Blum already offers some of its core features through Telegram.
Nonetheless, according to the DEX, this new investment will help it attain its goal of providing users with a seamless experience in both traditional and decentralized finance.
Expressing his delight at Binance, CEO and co-founder Gleb Kostarev said in a part statement:
“We are grateful to Binance Labs for their support, which will accelerate Blum’s trading infrastructure and development.”
Tap-to-earn Model: An Accessory for Growth
Notably, Blum has taken it upon itself to do things a little differently from other crypto projects. That is, by integrating gaming mechanics into its user experience. However, it might be worth noting that Blum is not a game but an upcoming DEX exchange, which has simply explored the “tap-to-earn” model to expand its reach.
So far, though, the method has worked. As of press time, the platform is currently the third most popular crypto platform in the world. There are more than 60 million users already on it, and it sees more than 18 million users daily. Additionally, more than 30% (20 million) of its total user base have expressed confidence in the project by connecting their crypto wallets to Blum.
Another proof of the platform’s impressive growth so far is shown in its Telegram channel of over 22 million subscribers. This means that there are only two other Telegram channels ahead of the platform, albeit in terms of subscribers.
Future Plans
From all indications, Blum is not looking to slow down its growth efforts any time soon. It plans to introduce a memepad feature allowing users to mint their tokens within seconds and trade them directly on the platform. Blum has also entered into partnerships with well-established crypto platforms such as OKX, Bybit, and Bitget, as well as with famous artists and rappers.
Although Blum is yet to share the intrinsic details of these partnerships, the exchange says it will communicate the same soon.
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