This week, Blum, the telegram-based cryptocurrency buying and selling platform, introduced the completion of its seed funding spherical.
Saying by way of X publish on 12 Feb, Blum has acquired $5 million in pre-seed and seed funding, with main funding coming from the outstanding VC agency, Gumi Cryptos. Different funders included YZi Labs, Spartan Capital, OKX Ventures, Wintermute, No Restrict Holdings, and Bitscale. This comes after in September, it acquired an funding from Binance Labs, one of many largest cryptoexchanges, Binance’s enterprise capital agency.
Blum is ready to make use of the $5M funding to gasoline its 2025 imaginative and prescient of offering Blum’s 90M+ customers a seamless and progressive buying and selling ecosystem. Presently accessible throughout over 30 Blockchain networks, together with Ethereum, Solana, Binance Sensible Chain, and TON, its hybrid change mannequin permits customers to commerce tokens seamlessly with out the necessity to swap between a number of platforms.
Blum has secured $5M in pre-seed and seed funding, paving the way in which for the way forward for buying and selling for our 90M+ customers! 🌍✨
Led by @GumiCryptos and backed by @yzilabs, @TheSpartanGroup, @nolimithodl, @OKX_Ventures, @topdotco, @BitscaleCapital, and @wmt_ventures, this funding fuels our… pic.twitter.com/aohxybr7ee
— Blum (@blumcrypto) February 12, 2025
Blum to make use of funding for
Based by former Vice-president at Binance, Gleb Kostarev performing as CEO and one of many co-founders, Blum since its launch in July final 12 months has grown in each recognition and consumer base. With its telegram-based buying and selling bot designed particularly for Gen Z and millenials in thoughts, it has been working in the direction of making crypto buying and selling easy for brand spanking new and novice customers. Its transition from its earlier Faucet-to-Earn mannequin to Commerce-to-Earn in 2025 additionally geared toward incentivising the customers for a similar.
Now with the acquired funding, Blum is ready to develop and work on:
- multi-chain buying and selling bots,
- AI-powered Memepad,
- Perpetual Futures buying and selling.
The event of multi-chain buying and selling bots will add one other layer of performance and comfort for its customers. This is able to make it simpler for merchants to entry and work together with a various set of belongings throughout a number of blockchains.
The AI-powered Memepad platform that it goals to develop additional is what presently permits its customers to launch their very own Memecoins after which commerce with ease. The AI instruments embedded in it automate the steps concerned in creating a brand new memecoin. This removes the complexity that sometimes comes with token creation, akin to coding good contracts or deploying them on a blockchain. Blum’s memepad is ranked as second globally, with over $200 million in buying and selling quantity, and guiding the creation of 200,000 tokens created wherein over 380 cash have been listed on DEXs.
By creating Memepad, Blum is tapping into the rising pattern of memecoins and community-driven initiatives, which have develop into a big a part of the cryptocurrency panorama.
Blum to develop into the full-fledged DEX?
In November final 12 months, Blum additionally acquired an funding from The Open Platform (TOP), a enterprise builder in Telegram’s TON ecosystem.
Because the TON presently lacks a serious Decentralised Change (DEX), Blum utilizing its Telegram-based buying and selling and Commerce-to-Earn function can full the vacuum in TON’s want for a serious DEX. Its imaginative and prescient of increasing its buying and selling providers past TON can speed up its growth right into a full-fledged decentralised change. This may permit customers to swap not solely tokens accessible on TON however cross-chain.
There are specific challenges too. Presently, Blum is extra of a hybrid platform that integrates a number of blockchains and permits customers to commerce throughout them. To develop into a real DEX, Blum would wish to function on decentralized governance and infrastructure, making certain that there’s no central authority controlling the platform. Whereas Blum aggregates liquidity throughout completely different chains, it might want to ascertain deeper liquidity swimming pools, and facilitate each automated market makers (AMMs) and presumably order book-based buying and selling to enchantment to all kinds of merchants.
Thus, as Blum seeks to broaden to wider and numerous markets together with APAC – as highlighted by one in all its co-founders – Blum’s evolution right into a developed DEX and its efforts at making crypto buying and selling easy is one thing that should be carefully monitored.
Disclaimer: The content material might embrace the private opinion of the creator and is topic to market situations. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.