Blum Raises $5M for AI-Powered Crypto Trading on Telegram

Blum, an AI-powered, Telegram-based cryptocurrency trading platform, has secured $5 million in pre-seed and seed funding, according to a recent announcement. The funding round was led by Gumi Cryptos, with participation from YZi Labs, Spartan Capital, OKX Ventures, Wintermute, No Limit Holdings, and Bitscale.

The platform, founded by former Binance Vice-President Gleb Kostarev, aims to use the funds to achieve its 2025 vision of providing a seamless and innovative trading ecosystem for its 90 million-plus users. Since its launch in March 2021, Blum has experienced rapid growth in popularity and user base, thanks to its Telegram-based trading bot designed for Gen Z and millennials.

Blum's hybrid exchange model allows users to trade tokens seamlessly across over 30 blockchain networks, including Ethereum, Solana, Binance Smart Chain, and TON, without the need to switch between multiple platforms. The platform's AI-powered Memepad enables users to launch their own Memecoins and trade them easily. Additionally, Blum plans to develop multi-chain trading bots and perpetual futures trading.

With a vision to expand its trading services beyond TON, Blum seeks to become a full-fledged decentralized exchange, allowing users to swap tokens across different chains. In November 2021, Blum received an investment from The Open Platform (TOP), a venture builder in Telegram's TON ecosystem, to address the need for a major decentralized exchange in the TON network.

As Blum continues to grow and expand its services, it aims to make crypto trading more accessible and user-friendly for new users, particularly those in the APAC region. With its innovative approach and strong backing from prominent investors, Blum is well-positioned to become a leading player in the decentralized exchange landscape.