Binance Labs, the venture capital and incubation arm of crypto exchange Binance, has announced a strategic investment in Blum. However, the financial details of the investment, such as the invested amount and valuation, have not been revealed yet.
Blum is a decentralized exchange (DEX) that claims to blend the features of both centralized and decentralized platforms. Moreover, it is a Telegram mini-app that offers a simplified trading experience that is accessible directly within the messaging app’s ecosystem.
Binance Labs and Other Investors Pour Funds Into the Telegram Ecosystem
With Telegram’s massive user base of 950 million monthly active users, Blum aims to capture a significant audience. The integration within Telegram enhances user access and interaction, simplifying the transition from messaging to trading.
In a press release shared with BeInCrypto, Blum CEO Gleb Kostarev acknowledged the investment’s impact.
“We are grateful to Binance Labs for their support, which will accelerate Blum’s trading infrastructure and development and help us to expand into new markets,” Kostarev said.
Read more: How To Fund Innovation: A Guide to Web3 Grants
Blum’s journey began on April 19, 2024, and it quickly gained attention after being featured in the Binance Most Valuable Builder (MVB) Program. Remarkably, the platform attracted over 100,000 users within the first 24 hours of its announcement.
Currently, Blum operates as a gamified Telegram Mini App, tapping into the growing interest in ‘tap-to-earn’ models. Moreover, Blum boasts over 60 million users and maintains a strong presence with over 22 million subscribers on its Telegram channel.
“Unlike other popular ‘tap-to-earn’ projects, Blum isn’t a game but an upcoming DEX exchange that leverages game mechanics to expand our audience,” Vladimir Smerkis, CMO of Blum stated.
Additionally, Blum users can earn points by tapping and interacting within the app. They can also connect their wallets, engage in games, and complete tasks to earn cryptocurrency from various partner projects.
Notably, the rising popularity of Telegram mini apps like Blum is attracting significant investor interest. This is largely due to the platform’s vast and engaged user base, dramatically reducing user acquisition costs.
In an interview with BeInCrypto, Junbo Yang, Investment Manager at Hashkey Capital, highlighted the seamless nature of these apps.
“The ability to move from gameplay to crypto transactions without leaving the app is a huge competitive edge,” Yang told BeInCrypto.
Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners
Moreover, in support of such platforms, the TON Accelerator recently unveiled TON:Acc, an incubation program designed to support early-stage startups developing on the TON blockchain. This initiative aims to transform startups from concept to fully executed business models.
Despite these advancements, the network has faced challenges such as network outages and legal issues involving Telegram CEO Pavel Durov.
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