Blum's telegram project has raised $5 million from Wintermute and OKX

Over 90 million users have joined Blum's Telegram Project since its launch in July 2024

  Blum, a hybrid crypto exchange operating on the Telegram platform, has announced that it has raised $5 million in investment, according to the platform's press release, which is available to the editorial board.  

What the investment will be used for

  Major venture capital firms such as gumi Cryptos Capital, Spartan, No Limit Holdings, Wintermute, OKX Ventures and many others participated in the investment round.   Blum will use all the proceeds to develop a trading platform in Telegram. The project is going to introduce new features, including multichain support and the expansion of the trading bot.  

“From day one, Blum has captured the attention of investors and users alike. Our approach to funding was not just to raise capital, but to carefully select partners whose expertise and resources can improve the user experience,” commented Blum CEO and co-founder Gleb Kostarev. 

  Investors highlighted the following features of Blum that caught their attention:   

• high user activity;
• transition from the tap-to-earn model (“click and earn”) to trade-to-earn (“trade and earn”);
• potential to become the main platform in The Open Network (TON) ecosystem, as there are no popular decentralized exchanges (DEX) in it yet. 

  Earlier, Telegram Project raised funding from The Open Platform (TOP) and Binance's venture capital arm, Binance Labs.  

Blum is moving away from the “tapalka” format 

  Blum developers are actively expanding the functionality of their platform. So, at the end of last year, the project team launched Blum Memepad, a platform for creating memcoins. Recently, a streaming function appeared on it.   Memepad quickly gained popularity and became the second largest platform for generating “meme” coins in terms of transaction volume - the figure exceeds $200 million. The funds received in the funding round will be used to integrate artificial intelligence (AI) into Blum Memepad.   Meanwhile, the Blum trading bot is already considered the largest in Telegram. Through it, users receive signals for trading. It is expected that after attracting investment, the project team will significantly expand its functionality.   The project is also actively working on expanding support for various blockchains and adding futures to the platform.  

“Our mission is to create the perfect trading app, focused on traders and the community. We are gradually introducing new features so that they meet all user requirements. With the support of our investors, we are confident that this process will accelerate,” Kostarev emphasized.