In a pre-seed and seed round, Blum of the United Arab Emirates raised $5 million. Gumi Cryptos Capital, Spartan, No Limit Holdings, YZi Labs, and OKX Ventures led the round.
Blum is a Telegram-based decentralized trading platform. It plans to use the money to expand its operations across several blockchain networks, upgrade its infrastructure, and improve trading features. This is to give users more control over how they manage their digital assets.
It also intends to concentrate on improving its intelligent trading bot, which has drawn more than a million users. This, according to the platform, is a sign of increased demand for smooth and effective trading solutions.
With its 2024 launch, Blum wants to expand in the Web3 market. There are currently over 32 million members in its Telegram community, and 2.2 million unique wallet activities have been registered on the platform.
The business changed from a “Click to Earn” model to a “Trade to Earn” strategy, which is more long-term viable. Instead of merely encouraging passive interactions, this new strategy seeks to motivate users to actively participate in trading.
This round includes partnerships with industry players in addition to funding with the goal of enhancing the platforms’ capabilities and market positioning.
Blum’s CEO, Gleb Kostrav, and CMO, Vlad Smirkes, both emphasized that this funding includes partnerships to expand the platform’s capabilities in addition to capital. They also stated that this action is in line with Blum’s objective of creating a more effective and safe trading environment for users.
