Back to the list

Blum: A Next Big Thing in Crypto Led by Former Binance Executives

source-logo  cryptonews.net 24 May 2024 11:30, UTC
Denis Goncharenko

Blum, a crypto trading application, has captured the attention of over 50,000 enthusiasts within the first 48 hours of its launch. This platform seamlessly integrates centralized exchange (CEX) and decentralized exchange (DEX) elements and offers users an unprecedented trading environment. But why did it get so much attention?

A team of former Binance executives has spearheaded the development of Blum, aiming to revolutionize the cryptocurrency trading landscape. This hybrid exchange has been selected for the seventh cohort of Binance Labs, highlighting its potential among 13 chosen protocols from a competitive pool of over 700 global submissions.

Unique Features and Technological Advancements

Blum introduces an innovative off-chain order book paired with on-chain settlement, enabling users to execute trades across centralized and decentralized platforms. The exchange guarantees automatic token listings, provided there is ample liquidity. Blum aspires to offer universal token access by aggregating data from established protocols and platforms.

Reflecting current trends, Blum facilitates trading via mobile devices through a Telegram mini-app, aligning with the growing preference for trading via social media. The platform supports a flexible trading structure where users can toggle between centralized services and self-custody options, utilizing popular wallets like MetaMask.

Leadership and Future Plans

Gleb Kostarev, co-founder and CEO of Blum, previously served as the vice president at Binance, overseeing vast markets across Russia, CIS and Eastern Europe. Alongside Kostarev, Vladimir Smerkis, former general manager at Binance Russia, now acts as Blum’s chief marketing officer. The leadership team will reveal more about its core members in forthcoming announcements.

Blum is actively exploring potential headquarters locations, focusing on jurisdictions with crypto-friendly regulations like Dubai. Despite opting not to serve U.S. customers due to complex regulatory challenges, Blum is committed to adhering to international crypto regulations. The exchange’s immediate goal includes obtaining a Virtual Asset Service Provider (VASP) registration in Georgia and positioning itself strategically within favorable regulatory environments.

The power of community

To build a robust community, Blum is implementing a point-based system within its Telegram mini-app and future mobile applications. These points, accrued through user engagement, may later be converted into tokens, reflecting a growing trend among crypto startups to stimulate user activity and loyalty.

With a firm foundation and a clear strategic direction, Blum stands poised to redefine crypto trading. By blending the strengths of both centralized and decentralized exchanges and focusing on user-friendly mobile solutions, Blum is well on its way to becoming a major player in the global cryptocurrency market.

You can check all the Blum features and benefits here