Binance Labs, the investment and incubation arm of the Binance cryptocurrency exchange, has made a strategic investment in Blum. However, the exact financial details, like the amount invested and the valuation, are still under wraps.
Blum is a decentralized exchange (DEX) that combines features from both centralized and decentralized platforms. It operates as a mini-app within Telegram, offering a straightforward trading experience directly in the messaging app.
With a huge user base of 950 million active users on Telegram, Blum has a great opportunity to reach a wide audience. The integration into Telegram makes it easy for users to engage and transition from chatting to trading.
In a press release shared with BeInCrypto, Blum's CEO, Gleb Kostarev, expressed his appreciation for the investment. He said, “We are grateful to Binance Labs for their support, which will speed up Blum’s trading infrastructure and help us expand into new markets.”
Blum launched on April 19, 2024, and quickly gained attention by joining the Binance Most Valuable Builder (MVB) Program. Remarkably, it attracted over 100,000 users within the first 24 hours of its announcement.
Currently, Blum operates as a gamified Telegram Mini App, tapping into the growing interest in 'tap-to-earn' models. The platform claims to have over 60 million users and maintains a strong presence with more than 22 million subscribers on its Telegram channel.
Vladimir Smerkis, the CMO of Blum, stated, “Unlike other popular ‘tap-to-earn’ projects, Blum isn’t a game but an upcoming DEX exchange that uses game mechanics to grow our audience.”
Users can earn points by interacting with the app, connecting their wallets, playing games, and completing tasks to earn cryptocurrency from various partner projects.
The rising popularity of Telegram mini apps like Blum is grabbing significant investor interest. This is mainly due to the platform's large and engaged user base, which helps lower user acquisition costs.
In an interview with BeInCrypto, Junbo Yang, an Investment Manager at Hashkey Capital, highlighted the advantage of these apps. He said, “The ability to move from gameplay to crypto transactions without leaving the app is a huge competitive edge.”
Additionally, the TON Accelerator recently launched TON:Acc, an incubation program aimed at supporting early-stage startups on the TON blockchain. This initiative helps startups grow from concept to fully developed business models.
Despite these advancements, the network has faced challenges, including network outages and legal issues involving Telegram's CEO, Pavel Durov.