Blum Crypto Trading App Gains Over 50,000 Signups in First 48 Hours
Blum, a new crypto trading app created by former Binance employees, has experienced a successful launch, attracting over 50,000 signups within its first 48 hours. The platform aims to provide a unique trading experience by combining centralized and decentralized exchange functionalities.
The app is backed by Binance Labs and was selected as one of the 13 protocols out of more than 700 projects worldwide. Blum plans to offer an off-chain order book with on-chain settlement, enabling users to trade cryptocurrencies on both centralized and decentralized exchanges. Tokens will be automatically listed if there is enough liquidity available.
In addition to its innovative features, Blum also supports mobile trading through a Telegram mini app. This aligns with the growing trend of crypto trading on private messaging platforms. Traders can easily switch between centralized and self-custody options and utilize popular wallet solutions like MetaMask.
Blumโs Focus on the Asian Market and Georgian Crypto License
Gleb Kostarev, the co-founder and CEO of Blum, previously served as a vice president at Binance. He resigned from his position in September 2023 as Binance planned its exit from Russian markets. Vladimir Smerkis, another former Binance executive, is now Blumโs chief marketing officer and co-founder.
Blum has expressed interest in targeting the Asian market, particularly emerging regions in central and southeast Asia. However, the platform has decided not to cater to customers in the United States due to complex regulatory requirements. Despite this, Blum aims to comply with international crypto legislation and ensure regulatory compliance.
โBlumโs initial endeavors are focused on securing a Virtual Asset Service Provider (VASP) registration in Georgia by the first quarter of 2024. Georgiaโs accommodating regulatory environment for cryptocurrencies positions it as a strategic launchpad within our target region.โ
Blum spokesperson
The company is currently exploring potential locations for its headquarters, with an emphasis on jurisdictions known for their crypto-friendly regulations, such as Dubai.
Potential Native Exchange Token and Point System
Blum is considering launching a native exchange token in the future. The company plans to develop a blockchain specifically tailored for order book decentralized exchanges (DEXs), where the Blum token may serve as the native currency.
โOur initial rollout phase introduces a system where users can accumulate points through engagements within the Telegram mini-app and forthcoming mobile applications. These accrued points hold the potential for conversion into tokens at a later stage.โ
Blum spokesperson
The introduction of a point system is becoming increasingly popular among crypto startups. This incentivizes user interaction and allows them to accumulate internal capital through various actions, such as transactions.
Itโs worth noting that Blum is not the only startup founded by former exchange employees. Other companies, such as Backpack, have also emerged in an attempt to challenge established players in the industry and cater to growing markets.
Hot Take: Blum Revolutionizing Crypto Trading with Hybrid Approach ๐
Blumโs successful launch and rapid user adoption demonstrate the demand for innovative trading solutions in the crypto space. By combining centralized and decentralized exchange functionalities, Blum offers users greater flexibility and convenience while maintaining security and liquidity.
The platformโs focus on targeting the Asian market, along with its plans to obtain a crypto license in Georgia, highlights its commitment to expanding its global presence. Blum aims to tap into emerging markets and provide crypto enthusiasts with a seamless trading experience.
The potential introduction of a native exchange token and the implementation of a point system further enhance Blumโs appeal. These features incentivize user engagement and create a sense of community, driving the platformโs growth and attracting more users.
Overall, Blum represents an exciting development in the crypto trading space, offering traders a novel approach to buying and selling digital assets. With its strong team of industry experts and support from Binance Labs, Blum is well-positioned to make a significant impact in the market.
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