Blum, a gamified Telegram-based decentralized trade (DEX), raised $5 million. The funding spherical was led by gumi Cryptos Capital, which additionally included participation from outstanding enterprise funds like Spartan, No Restrict Holdings, YZi Labs, OKX Ventures, and extra
Blum plans to allocate the funds towards growing its Telegram-based buying and selling platform.
Blum’s $5 Million Funding to Propel Blockchain and AI Buying and selling
Blum’s fast progress trajectory has garnered consideration throughout the Web3 area. With its Telegram neighborhood surpassing 32 million members, it’s now thought-about one of many largest communities within the crypto sector.
Since its official launch in July 2024, Blum has recorded notable achievements, together with the best on-chain exercise with 2.2 million distinctive wallets. This quick adoption, coupled with the venture’s transition from a tap-to-earn mannequin to a trade-to-earn mannequin, positions it as a significant participant in decentralized buying and selling.
With $5 million funding secured, Blum intends to implement new options, together with multichain help and the growth of its buying and selling bot. The latter has already attracted greater than 1 million customers and has change into the most important buying and selling bot in Telegram.
Moreover, the crew plans to additional develop its Blum Memepad platform, which is used to create meme cash throughout the similar interface. This meme coin venture leads The Open Community (TON) and ranks second globally, with over $200 million in buying and selling quantity, 200,000 tokens created, and 380 cash listed on DEXs.
The buyers highlighted a number of key features of Blum that attracted their consideration:
- Excessive consumer exercise
- Transition from the “tap-to-earn” mannequin to the “trade-to-earn” mannequin
- Potential to change into the main platform throughout the TON ecosystem, which presently lacks massive DEX
“This funding marks a major milestone for Blum as it can gasoline the event of our buying and selling options. We’re profoundly grateful to our companions and early supporters for his or her confidence in our imaginative and prescient. From day one, Blum has captured the eye of each buyers and customers. Our funding method was not merely about securing capital; it was about fastidiously choosing companions whose experience and assets can amplify the consumer expertise”, stated Gleb Kostarev, CEO and Co-Founding father of Blum.
Blum additionally acquired funding from The Open Platform (TOP) and Binance’s enterprise arm, Binance Labs.
Faucet-to-Earn Decline and Blum’s Technique to Retain Person Curiosity
Telegram-based tap-to-earn crypto video games, corresponding to Hamster Kombat, Notcoin, and Catizen, are experiencing a swift decline in customers. In keeping with knowledge from Google Tendencies, curiosity in “tap-to-earn” dropped by 80% from June to December 2024.
This pattern in tap-to-earn tasks illustrates the challenges platforms face relying solely on preliminary consumer incentives like airdrops. Blum has tailored its mannequin. The venture has already shifted away from the tap-to-earn technique. As a substitute, it focuses on sustaining engagement by means of AI-powered buying and selling and options that hold customers invested within the platform long-term.
“Our mission is to create the final word buying and selling app, designed with merchants and the neighborhood at its core. We’re taking a deliberate method, rolling out options step-by-step to make sure they’re accomplished proper. From a strong multichain buying and selling bot to a AI-driven Memepad and futures buying and selling, we’re constructing a platform that gives all the things a dealer wants and past. With robust backing from main buyers and gamers, we’re assured that this course of will speed up considerably”, stated Vlad Smerkis, CMO & Co-Founding father of Blum.
