Blum, a decentralized exchange and trading app on Telegram’s TON ecosystem, received an undisclosed new investment from The Open Platform (TOP). This investment includes technical support in addition to funding.
Blum hopes to cast itself as a serious competitor for TON’s user base of 950 million.
TOP’s Blum Investment
Blum, a decentralized exchange (DEX) and trading app, announced a new investment from The Open Platform (TOP), a venture builder in Telegram’s TON ecosystem. This news came via a press release shared with BeInCrypto. So far, the exact quantity of this investment remains undisclosed.
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Former Binance executives founded Blum and Binance Labs substantially invested in it this September. The project hopes to capitalize on Telegram’s massive user base, which has nearly 950 million active per month. That being said, Blum also announced becoming the most visited mini app on Telegram.
TOP recently helped launch a $10 million growth hub for TON ecosystem development, and Blum hopes to gain new prestige from TOP’s confidence.
After initial backing from Binance Labs, we are securing notable investments, presenting the company as a serious player in the industry. We are grateful for the support from TOP. This investment will enable us to further expand our presence on Telegram… and provide users with a seamless experience across DeFi,” said Gleb Kostarev, CEO of Blum.
A number of high-capital investors have been making their own efforts to reach the Telegram user base. In late September, Bitget and Foresight Ventures invested $30 million into GameFi and tap-to-earn development on TON. In the press release, TOP claimed that it invested in Blum specifically because of its fast growth and user-friendliness.
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Blum is one of the largest projects currently active among Telegram mini-apps, but it still only claims 85 million users. TOP will use its existing toolkit to help Blum offer a cleaner front-end experience and scale crypto trading across multiple blockchains. Ideally, this will help the exchange gain new users quickly.
In other words, TOP is offering more than raw capital with this investment. Vladimir Smerkis, CMO and co-founder of Blum, claimed that this partnership will “fast-track the launch of new trading features” and enhance Blum’s overall infrastructure. Unfortunately, however, the press release is very light on specific details about this technical support.
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