Blum, the gamified Telegram-based decentralized exchange (DEX), has successfully raised a staggering $5 million in a recent investment round led by gumi Cryptos Capital. Joining the funding frenzy are other big names in the industry such as Spartan, No Limit Holdings, YZi Labs, OKX Ventures, and more.
The infusion of $5 million is set to catapult Blum towards enhancing its Telegram-based trading platform, propelling the blockchain and AI trading capabilities of this rapidly expanding company.
With a burgeoning Telegram community of over 32 million members, Blum has swiftly carved a niche for itself in the Web3 realm. Notable milestones have been achieved since its inception in July 2024, including boasting the highest on-chain activity with 2.2 million unique wallets. The project's evolution from a tap-to-earn to a trade-to-earn model has positioned it as a significant player in the decentralized trading domain.
Bolstered by the secured funding, Blum has ambitious plans to introduce new features like multichain support and expanding its already popular trading bot, which boasts over 1 million users. The team is also pushing ahead with the development of the Blum Memepad platform, enabling the creation of meme coins directly within its interface. This meme coin initiative has propelled The Open Network (TON) to new heights, ranking second globally with a trading volume exceeding $200 million, over 200,000 tokens created, and 380 coins listed on DEXs.
Investors have been captivated by Blum's:
- High user engagement levels - Transition to a trade-to-earn business model - Potential for market dominance within the TON ecosystem
Gleb Kostarev, CEO and Co-Founder of Blum, expressed gratitude to partners and early supporters for their belief in the company's vision, emphasizing the importance of selecting partners who can enhance the user experience. Noteworthy investments have also poured in from The Open Platform (TOP) and Binance's venture arm, Binance Labs.
As the era of tap-to-earn crypto games such as Hamster Kombat and Notcoin witnesses a decline in user interest, Blum's strategic shift towards AI-powered trading and innovative features reflects its commitment to sustaining user engagement for the long haul.
Vlad Smerkis, CMO & Co-Founder of Blum, asserted that the company's mission is centered around creating a robust trading app that caters to both traders and the community, pledging to roll out features in a meticulous and strategic manner to ensure a comprehensive and enriching user experience. Supported by key investors and industry players, Blum is set to revolutionize the trading landscape and witness accelerated growth.