As a seasoned analyst with years of experience navigating the dynamic world of cryptocurrencies, I find myself intrigued by the latest developments at Blum, the hybrid exchange that’s stirring the pot with its unique blend of centralized and decentralized systems. The recent investment from Binance Labs, a move that signifies a newfound independence for the venture arm, is undeniably a significant step in the right direction for both parties.
The creators of the decentralized exchange Blum have revealed that they received funding from Binance Labs, which is the venture capital division of the well-known cryptocurrency exchange Binance.
As an analyst, I’m sharing that on September 11th, I was privy to the announcement of an investment by Binance Labs into our Decentralized Exchange (DEX). This investment is aimed at providing a foundation for its growth, which has seen an impressive user base of 60 million since its launch in April.
A representative from Blum chose not to disclose the investment sum but did verify that the agreement included ownership of a portion of Blum’s upcoming token allocation. In addition, Gleb Kostarev, CEO and co-founder of Blum, stated that the capital provided by Binance Labs would be utilized for developing trading systems and infrastructure, as stated in a communique sent to crypto.news.
@BinanceLabs has invested in @blumcrypto. Congrats to Blum community! 🎉
— Gleb Kostarev (@gleb_crypto) September 11, 2024
In March, Kostarev and other former Binance employees introduced Blum, an innovative crypto exchange combining centralized and decentralized exchange systems for an enhanced trading experience. Since then, Blum has released a mini-app on Telegram, but it’s important to note that the company is not developing a web3 game as their Chief Marketing Officer, Vladimir Smerkis, clarified.
Blum is the initial Telegram mini-app to finish Binance Labs’ MVB incubation program, making it the first of its kind in the ‘tap-to-earn’ category. Unlike other well-known ‘tap-to-earn’ initiatives, however, Blum isn’t a game; instead, it represents an upcoming decentralized exchange (DEX) that employs gameplay elements to broaden its user base.
Vladimir Smerkis, Blum CMO and co-founder
Users of Blum’s Telegram mini-app can accumulate points by participating in a game resembling a clicker, much like other projects leveraging The Open Network (TON). Furthermore, Blum has collaborated with various TON-related initiatives, distributing rewards during the recently completed Dogs (DOGS) memecoin distribution.
Binance Labs on an independent foray after CZ
Founded in 2018, Binance Labs functioned as the investment division of the world’s biggest cryptocurrency exchange. However, starting from March, this venture arm with a $10 billion value decided to separate itself from its previous umbrella organization.
After encountering regulatory difficulties at Binance, the investment company decided to operate independently. Subsequently, the United States Securities and Exchange Commission (SEC) and the Department of Justice’s prosecutors filed lawsuits against the cryptocurrency exchange for numerous infractions, among which were allegations of securities fraud.
Initially involved in a specific issue, Changpeng Zhao, previously Binance’s CEO, relinquished his leadership position and is currently serving the remaining four months of his prison sentence as of now. The organization has continued its operations under the new CEO, Richard Teng, who has expressed a commitment to strengthening compliance at the world’s largest cryptocurrency trading platform.
As an analyst, I’ve been actively advocating for Tigran Gambaryan, a fellow employee of our company who has been detained by Nigerian authorities on charges of aiding tax evasion and money laundering, in an attempt to gather support for his case.
Read More
Sorry. No data so far.
2024-09-11 17:44