Blum, an app for crypto trading that combines CEX and DEX to create a new trading environment, has received over 50,000 signups within its first 48-hour launch.
Binance alumni have announced the launch of a hybrid crypto exchange to improve trading for both new and veteran digital traders. The platform was backed by Binance Labs as part of its seventh cohort. It was selected out of 700 projects around the world to be one of 13 protocols.
DeFi: @bitu_protocol, @blumcrypto, @surf_protocol, @vooi_io
Infra: @Aggregata_xyz, @nesaorg, @Nimble_Network
Application Layer: @aspecta_id, @HoloworldAI, @opinionlabsxyz, @SideQuestWeb3, @StoryChain_ai, @tiltedstore— Binance Labs Fund (@BinanceLabs) March 1, 2024
Blum will deliver a novel order book off-chain with on-chain settlement allowing cryptocurrency trading at centralized and decentralized exchanges. If there is sufficient liquidity, the tokens will automatically be listed. The startup intends to achieve universal token access through data pulled from trusted platforms and protocols.
The hybrid crypto-trading app will support mobile trading via a Telegram mini application, jumping on a growing trend in crypto trading through the private messaging social networking site. Users can choose between self-custody and centralized options. This allows traders to use popular wallets like MetaMask.
Blum eyes Asian market with Georgian cryptolicense
Gleb KOSTAREV is Blum’s CEO and co-founder. He was a Binance vice president. Kostarev left the crypto giant last September as it planned to leave Russian markets. He had previously served as Binance’s Asia head and overseen more than 60 markets in APAC, Eastern Europe and Turkey.
Vladimir Smerkis is the former general manager of Binance Russia and CIS. He is also a Blum representative. Smerkis, who left Binance in the same week that Kostarev did, is now Blum’s co-founder and chief marketing officer. Kostarev announced on Telegram that Vladimir Maslyakov is also involved in the project. He was CTO at Thekey.space.
The platform has said that it will reveal more details about its core team later.
Blum, a platform that specializes in crypto news, told crypto.news it is exploring possible regions to establish its headquarters. It will focus on jurisdictions with crypto-friendly laws like Dubai. The hybrid exchange aims to establish a global presence, with a focus on emerging markets such as Asia and the central and southeast regions of that continent.
The crypto trading platform decided not to cater to U.S. clients due to the complex regulatory environment in this jurisdiction. The platform will still comply with all international crypto legislation despite concerns about whether crypto is a security.
Blum’s initial endeavors are focused on securing a Virtual Asset Service Provider (VASP) registration in Georgia by the first quarter of 2024. Georgia’s accommodating regulatory environment for cryptocurrencies positions it as a strategic launchpad within our target region.Blum spokesperson
The company also stated that it could launch a native token exchange in the future. However, this would be a different strategy than Binance. According to a representative of the company who spoke to crypto.news about the project, the goal is to create a blockchain that’s tailored for order book DEXs with Blum as the native token.
Our initial rollout phase introduces a system where users can accumulate points through engagements within the Telegram mini-app and forthcoming mobile applications. These accrued points hold the potential for conversion into tokens at a later stageBlum spokesperson
Points have become a popular feature for crypto startups looking to boost community activity and attract users. This trend encourages users to interact and accumulate internal capital by performing actions such as transactions.
Ex-Alameda employees and FTX staff have also built startups. Last month, they raised $17 million for a platform dubbed backpack. Experts are looking to take business from established companies and serve burgeoning markets.
