Blum, a Hybrid Crypto Exchange Running Within Telegram, Plans Full-Fledged Product Launch by End of 2024

Blum is 4th Largest Telegram Channel

Blum has experienced rapid growth, attracting over 10 million users within just two months of its launch.

Blum then went on to hit 30 million users on 26 June.

This achievement, along with several key milestones, signals significant potential success as it gears up for its official release and token listing.

Additionally, Blum has become the world's fourth-largest Telegram channel, boasting over 15.7 million subscribers at the time of writing; as of 6 June, the number was close to 10 million.

It is on the verge of reaching one million daily users, positioning itself as a major player, second only to a few industry giants.

What is Blum?

For those well-versed in the Telegram ecosystem, Blum is a name that has been gaining traction.

This mini-app has been turning heads in the tap-to-earn arena, distinguished by its ambitious roadmap and a team adorned with industry stars.

Upon accessing Blum through Telegram, users are greeted by an interface designed for the periodic collection of Blum points and a "drop game."

It is a crypto project striving to establish itself as a hybrid exchange, merging the attributes of centralised (CEXs) and decentralised exchanges (DEXs).

Blum offers streamlined access to derivatives trading by integrating off-chain order books with on-chain settlement mechanisms.

This strategy is aimed at delivering a seamless trading experience for crypto enthusiasts, enabling direct trading from their wallets via the Telegram mini-app.

With compatibility across over 30 chains, Blum opens the door to a wide array of crypto trading possibilities.

Users can navigate both CEXs and DEXs within a user-friendly and secure environment.

This is achieved without the need to switch chains or incur native token gas fees, allowing traders to explore everything from undiscovered gems to straightforward derivatives.

What Drives Blum's Popularity?

Despite not having launched its core exchange services and being in a developmental phase, Blum has captured the interest of both Web3 veterans and crypto novices.

Affiliation with Binance

As a distinguished participant in the Binance Most Valuable Builder (MVB) accelerator programme, Blum has attracted considerable attention within the cryptocurrency community.

Its selection signifies endorsement from a major CEX and underscores Blum's innovative approach, reinforcing its status as a platform with potential.

Participation in the MVB programme likely equips Blum with invaluable resources and mentorship, aiding in the advancement of its technology and refinement of user experience.

Moreover, the presence of former Binance executives within the Blum team suggests a group well-versed in the expertise and strategies required to realise their vision.

Telegram Mini-App Accessibility

Blum's integration with Telegram offers a convenient and user-friendly experience.

By eliminating the need for a separate app download, users can trade directly from their Telegram interface, substantially reducing the entry barrier for Blum.

This streamlined approach leverages Telegram's extensive user base, allowing for a seamless entry into crypto trading within a familiar setting.

Furthermore, this low barrier to entry is particularly appealing to crypto-curious newcomers who might be reluctant to navigate unknown apps or exchanges.

Blum's Telegram integration effectively eliminates this friction, facilitating users' exploration of the crypto realm and potentially fostering active participation.

Hybrid Exchange Model

Blum diverges from conventional crypto exchanges by not holding custody of users' cryptocurrencies.

Instead, it acts as a middleman, pairing buyers and sellers via an off-chain order book.

This off-chain system enables swifter transaction speeds and a more fluid user experience.

Nevertheless, trade settlements occur on-chain, with cryptocurrencies being directly transferred between wallets on the blockchain.

This combination of an off-chain order book and on-chain settlement ensures transparency and security, addressing significant gaps in the crypto domain.

Blum's Core Features

Blum.io offers a suite of features crafted to elevate and streamline cryptocurrency trading.

Universal Token Access

Whether you are a seasoned trader or a crypto newcomer, Blum aims to provide universal token access, offering multiple entry points to explore the dynamic world of crypto that align with your trading preferences.

From trading mainstream coins like Bitcoin and Ether to discovering lesser-known crypto gems, Blum seeks to cater to a broad audience with a diverse array of trading pairs.

Simplified Derivatives Trading

For those eager to explore beyond conventional spot trading, Blum intends to offer a streamlined approach to derivatives, guiding users through the intricacies of crypto derivatives trading.

From perpetuals and options to futures on non-fungible tokens (NFTs) and pre-market tokens, Blum aims to expand your trading horizons by presenting a variety of derivatives that can capture a multitude of trading opportunities.

This includes the use of leverage in trading and hedging one's holdings against short-term catalysts with covered calls.

P2P Fiat Trading

Blum plans to integrate peer-to-peer (P2P) fiat trading directly into the platform.

By including local currencies and merchant integrations, users will be able to buy and sell crypto with fiat seamlessly within the Blum ecosystem.

Blum Points Farming

Blum transcends mere trading by incorporating a gamified element known as "Blum Points."

Users can earn these points by participating in the mini-app's drop game and completing tasks.

These points can later be redeemed for rewards within the Blum ecosystem, further motivating user engagement and cultivating a vibrant community.

How Blum.io Gamified Rewards on Telegram?

Blum has introduced a novel gamified rewards programme on its Telegram platform, aiming to boost user engagement.

Although its mobile app is still awaiting official release, Blum currently operates as a Telegram mini-app and has managed to draw a substantial following among Telegram users.

Upon opening the Blum mini-app, users are greeted with a minimalist interface that showcases their accumulated Blum points, the number of play tickets available for the Drop Game, and an eight-hour countdown timer indicating when they can claim more free Blum points.

The utility of these Blum points remains somewhat unclear, but the Blum team has indicated that they will be redeemable for rewards within the Blum app in the future.

Therefore, it seems prudent for aspiring Blum traders to initiate the points farming process promptly.

Blum Drop Game:

This is a straightforward yet captivating game where users attempt to catch as many falling objects as possible within a limited timeframe.

Each caught item converts into Blum Points (BPs), accelerating point accumulation.

Users must avoid bombs, which deduct ten points from their total score, and watch for frozen ice crystals, which temporarily freeze items in place for easier collection.

Each attempt requires a Game Pass, which can be obtained through daily logins.

Daily Rewards:

By logging into Blum daily, users can earn additional Blum points and game passes (diamonds).

The reward structure is as follows:

Day 1: 10 beats per second + 1 game pass

Day 2: 20 beats per second + 2 game passes

Day 3: 30 beats per second + 3 game passes

Day 4: 40 beats per second + 4 game passes

Day 5: 50 beats per second + 5 game passes

Day 6: 60 beats per second + 6 game passes

Day 7: 70 bps + 7 game passes

Daily logins accumulate these rewards, making the Drop Game more accessible and further increasing point totals.

After day 7, rewards stabilise at 70 BPs and 7 Game Passes.

Maintaining the login streak is essential to ensure a steady influx of points and game assists.

Complete Tasks for Bonus Blum Points:

In addition to regular Drop Game play, users can earn extra BPs by completing various tasks set by the Blum team.

These tasks range from watching YouTube videos to subscribing to partner channels, providing a continuous stream of BPs over time.

It is advisable to check back regularly to not miss out on seasonal tasks.

Referral System:

The Blum referral system offers early access to Blum for your network of friends.

Given that Blum is currently accessible only through a waitlist on Telegram, the fastest way to gain entry is through referral invitation links.

Should these invites be exhausted, one can seek access through Telegram community channels or social media platforms.

It is worth noting that these Blum referrals will become more pertinent once the Blum hybrid exchange launches, as each referral will yield a 10% kickback on each swap and trade made by the invited friends.

Why is Everyone Talking About The Pokras Lampas 'Hack'?

The collaboration with artist Pokras Lampas took many Blum users by surprise when they discovered the Blum mini-app defaced by neon pink graffiti and a glitched-out interface.

This initially caused panic among crypto beginners, who feared the app had been compromised.

However, it was soon revealed to be a marketing stunt.

Beyond the visual overhaul, the collaboration introduced additional tasks and bonus opportunities for users to earn extra BPs during the Drop Game.

Normally, tapping on bombs results in a point deduction, but during this event, each bomb tap awarded players an extra ten points.

This incentivised gameplay, sparked discussions about the potential hack, and successfully generated buzz within the Blum community, demonstrating the effectiveness of the Pokras Lampas collaboration.

Blum's Roadmap

Entering into the third quarter of 2024, many features remain unlaunched, with the exception of the Drop Game.

These include self-custody wallets, swaps, leaderboards, a meme-based launchpad, and the public debut of the Blum exchange.

Blum's involvement in the Binance MVB programme hints at ongoing enhancements and the possibility of expedited development.

The operational Drop Game within the mini-app is a testament to the team's dedication to fulfilling its roadmap commitments.

Although the delay in rolling out the full suite of functionalities may prompt inquiries about timelines, it is crucial to recognise that constructing a robust and secure crypto platform is a time-consuming endeavour.

Blum's emphasis on stability and user safety may result in a more refined and dependable experience in the long term.

Backed by Binance, Formed by Ex-Binance Executives

Blum is a venture supported by Binance, initiated and led by former Binance Labs executives Vladimir Smerkis and Gleb Kostarev.

Their departure was among a series of high-profile exits from Binance, occurring during a period of increasing industry turbulence.

The project's mission is to streamline access to cryptocurrency trading, with a special emphasis on emerging markets, and to establish a comprehensive platform for secure, smooth, and efficient crypto trading.

Blum's strategy includes providing straightforward access to tokens from both CEXs and DEXs through a unified platform.

Leveraging Telegram's extensive user base, Blum targets a global audience, particularly in regions receptive to cryptocurrency adoption.

The app's launch was met with enthusiasm, attracting over 50,000 sign-ups within the first 48 hours.

Gleb Kostarev, Co-founder and CEO

Kostarev is the co-founder and CEO of Blum and was previously Binance's regional Head for Eastern Europe, Commonwealth of Independent States (CIS), Turkey, Australia, and New Zealand for 5 years, and graduated from the Moscow State University of Languages.

He resigned from Binance the giant Crypto exchange in September last year as the exchange planned its exit from Russian markets.

His socials: LinkedIn

Vladimir Smerkis, Co-Founder and CMO

Smerkis is a co-founder of Blum.io, General Manager of Binance in the CIS (2021-2023), columnist for Cointelegraph.com and Forbes, author of a book and podcast about "Silicon Dali" technologies.

He left Binance the same week as Kostarev and decided to create his own project, having behind him simply a titanic amount of experience in managing the leading crypto exchange in the world. He graduated from the Russian University of Economics.

His socials: X and LinkedIn

Igor Pugachevsky, Co-Founder and CPO

On LinkedIn, Pugachevsky is listed as one of Blum’s Co-Founders as well as CPO. His main area of expertise is to guide clients in their efforts to envision, plan and roll out best-in-category products and services. His focus is on shipping exceptional digital products. He has 15 years of experience in digital product design and development as well as consulting operations.

His socials: X and LinkedIn

Blum's Socials

Website

X

YouTube

Instagram

Telegram

Discord

LinkedIn

Optimistic Outlook Ahead for Blum

Blum has sparked the interest of the cryptocurrency community with its pioneering approach to a hybrid crypto exchange.

Although the full exchange capabilities and mobile app are still in development, the current Telegram mini-app provides a preview of the anticipated features.

The gamified Blum points system and user-friendly interface have garnered attention, with expectations high for the Blum team to deliver on their ambitious roadmap.

Blum aims to be more than just a trading platform; it seeks to offer an engaging experience that blends gaming elements with earning opportunities.

These aspects highlight Blum's potential to emerge as a prominent and sought-after platform in the cryptocurrency landscape.

Coinlive recognises Blum's standout features, including its rapid growth to over 10 million users in just two months, and its status as the 4th largest channel on Telegram.

As Blum prepares for its official launch and token listing, its rapid growth and high Telegram ranking indicate potential for success.

Binance Labs announced Blum as one of the 13 early-stage projects selected from over 700 applicants for season 7 of the MVB Accelerator Programme in March.

Inclusion in the MVB Accelerator Programme suggests that major players like Binance recognise Blum's potential, even though participation does not guarantee investment.

The coming months are pivotal for Blum as it introduces its platform and demonstrates its ability to deliver on the promise of a streamlined and accessible crypto trading experience.

Despite Blum Labs Inc. being registered in Panama, it is unclear how specific regulations apply to crypto exchanges in the country.

There are concerns about Blum's adherence to industry standards, as it has not publicly disclosed any licenses or certificates from recognised financial authorities.

Additionally, as a relatively new platform, user feedback is mixed, with some reporting delays and technical issues.

Blum may face challenges due to the evolving nature of cryptocurrency regulations and the significant volatility of the crypto market, which can lead to substantial fluctuations in the value of assets traded on the platform.

While Blum offers an appealing hybrid exchange experience through the popular Telegram interface, users should be aware of the potential risks associated with the platform's newness, regulatory uncertainty, and the inherent volatility of the crypto market.

Kostarev advises new crypto users to exercise caution, avoid investing all their funds at once, and never make hasty investment decisions.

You can watch the full interview below.

He emphasizes that becoming rich in 10 minutes is unrealistic and that patience, calmness, and a strong strategy are essential for success in Web3.

Joining Blum does not require an investment and does not carry the associated risks, making it accessible to everyone interested in trying it out.