Blum, a cryptocurrency trading app that integrates CEX and DEX facilities for a new trading experience, recorded over 50,000 signups in the first 48 hours of launch.
A group of Binance alumni have announced a hybrid cryptocurrency exchange aimed at introducing an improved trading experience to both new digital entrants and veterans. The platform is in its 7th cohort, backed by Binance Labs, and was selected as one of 13 protocols out of over 700 projects from around the world.
Blum promises to provide a new off-chain order book with on-chain settlement capabilities that enables cryptocurrency trading on centralized or decentralized exchanges. Tokens will be automatically listed if there is sufficient liquidity. The startup plans to achieve this universal token access by pulling data from trusted protocols and platforms.
The hybrid cryptocurrency trading app will also support trading on mobile devices through a Telegram mini app, catering to the growing trend of cryptocurrency trading on the private messaging social network. Users can switch between centralized and self-custodial options, allowing traders to leverage popular wallet solutions like MetaMask.
Blum pays attention to Asian markets, Georgia cryptocurrency license
Gleb Kostarev, former Binance Vice President, is the co-founder and CEO of Blum. Kostarev served as Binance’s head of Asia, overseeing more than 60 markets, including APAC, Eastern Europe and Turkey, since 2018 before resigning from the cryptocurrency giant in September last year as the exchange planned to withdraw from the Russian market.
Vladimir Smerkis, former general manager of Binance Russia and CIS, is also a Blum associate. Smerkis left Binance the same week as Kostarev and currently serves as Blum’s chief marketing officer and co-founder. Vladimir Maslyakov, CTO of Thekey.space, is also part of the project, according to Kostarev’s Telegram announcement.
The platform said it would share details about key team members at a later date.
Blum is currently exploring potential locations for its headquarters and will target jurisdictions known for cryptocurrency-friendly regulations, such as Dubai, the platform told crypto.news. The hybrid exchange plans to build a global presence with a focus on emerging markets such as Asia, particularly the central and southeastern regions of the continent.
However, the cryptocurrency trading venue has decided not to offer its services to customers in the United States due to the complex regulatory environment in that jurisdiction. Nonetheless, the platform plans to remain fully compliant with international cryptocurrency laws amid concerns about the status of cryptocurrencies as securities.
Blum’s initial efforts are focused on securing Virtual Asset Service Provider (VASP) registration in Georgia by the first quarter of 2024. Georgia’s cryptocurrency regulatory environment positions it as a strategic foothold within our target region.
Bloom Spokesperson
The company also stated that it may launch native exchange tokens in the future, albeit with a different strategy than Binance. According to company representatives who spoke to crypto.news, the idea is for Blum to develop a blockchain specifically tailored for orderbook DEXs, with the possibility of serving as the native token within this ecosystem.
The initial launch phase will introduce a system where users can accumulate points through engagement within the Telegram mini app and future mobile applications. Points accumulated in this way may later be converted into tokens.
Bloom Spokesperson
Points are quickly becoming a key feature among cryptocurrency startups looking to bootstrap community activity and acquire users. This trend encourages users to interact with the protocol and accumulate internal capital through activities such as trading.
The hybrid cryptocurrency trading app isn’t the only startup created by exchange alumni. A former Alameda and FTX employee raised $17 million last month at a $120 million valuation for a platform called Backpack, as experts demand a stake in the business from industry stalwarts and fast-growing services. market.