Binance Labs, the venture capital arm of the biggest crypto exchange Binance has invested in a new project called Blum. Blum is a decentralized crypto exchange integrated into the Telegram platform. This investment by Binance Lab will help the platform in two ways. First, it will accelerate the development and growth of the platform and secondly, this will provide exposure to more crypto enthusiasts. Are you ready to learn what this platform is and why it is making waves in crypto space?
Blum grabbed the attention of crypto space just after its launch on April 19 this year. Impressed by its innovative approach, 100,000 users signed up within the first 24 hours of launch. Just like any other Telegram based mini apps, you can access Blum within your Telegram application. Telegram has over 950 million monthly users and that gives Blum a vast potential audience. Currently Blum has over 60 million registered users and 18 million daily active users. This places the platform on number three among most popular crypto platforms globally.
Even though Blum is a decentralized crypto exchange, they still have implemented the famous tap-to-earn model. This is not a game, but rather just an engagement mechanism. Users earn points and rewards for their interaction within the app. Just like other famous tap tap games, Blum offers its users rewards for performing various tasks like connecting their TON wallet and watching videos. This approach has proven to be successful as over 30% users have connected their wallets. The telegram channel of this project has grown to over 22 million subscribers.
The community is eagerly waiting for Blum’s airdrop that is going to happen next week on September 20. The $blum token will be listed on Binance and other major crypto exchanges shortly after the airdrop. At launch, the starting price of this token is expected to be $0.1667. Blum’s future plans include the introduction of a memepad feature that will allow users to mint and trade tokens directly on the platform. The exchange has also formed partnerships with well-known crypto platforms like OKX, Bybit, and Bitget, as well as collaborations with popular artists and rappers.
Blum has a unique ability to combine the best features of centralized and decentralized crypto exchanges. The launch of this platform as a Telegram in app allows users to transition between messaging and using the exchange. No need to have two apps for this purpose. This particular feature drastically reduces the user acquisition cost and hence makes Blum an attractive proposition for investors.
The backing from Binance Labs and other investors signals confidence in Blum’s potential to disrupt the crypto exchange space. As the platform continues to grow and evolve, it will be interesting to see how it shapes the future of decentralized finance on a global scale.
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