Ex-Binance leaders unveil Blum: a groundbreaking hybrid crypto exchange
Blum, a digital currency trading platform combining centralized and decentralized services, started with a bang, attracting over 50,000 users in just two days.
Former employees of Binance have announced the creation of a new type of crypto exchange. This platform, supported by Binance Labs, has been chosen as one of 13 projects out of more than 700 worldwide. It aims to provide a better trading experience for new and experienced digital traders.
Blum launches hybrid crypto trading system
Blum is planning to introduce a unique system that allows for the trading of cryptocurrencies on both centralized and decentralized exchanges. A token with enough liquidity will automatically be listed for trade. Blum aims to make this happen by gathering data from reliable protocols and platforms.
If you've been curious about Blum's origins, we're peeling back the curtain just a tad! 🃏
Blum on Bloomberg, finally. Read the article 👇https://t.co/3V2kIajwBE
— Blum (@blumcrypto) March 4, 2024
Blum will also support trading on mobile devices. It uses a Telegram mini app, a popular messaging service, to make it easier to trade crypto. It lets users choose between built-in custody or self-custody options like MetaMask, a popular wallet service.
Binance veterans launch Blum with new roles
Gleb Kostarev, who used to be a vice president at Binance, is now the co-founder and CEO of Blum. Kostarev left Binance in September last year as the company decided to withdraw from Russian markets.
During his time at Binance, which began in 2018, he was the head of Asia, taking care of more than 60 markets, including Asia Pacific, Eastern Europe, and Turkey.
Former Binance Russia and CIS general manager Vladimir Smerkis is now an official at Blum. Smerkis exited Binance around the same time as Kostarev and currently holds the title of Blum’s chief marketing officer and co-founder.
Another team member includes Vladimir Maslyakov, CTO of Thekey.space, as shared by Kostarev in a Telegram update.
Blum is currently searching for a suitable location, with places like Dubai, known for crypto-friendly rules, being considered. The hybrid exchange aims to establish a worldwide presence, primarily focusing on growing markets such as central and southeast Asia.
The company hinted at the possibility of launching their exchange token in the future but with a different approach to Binance’s. A company spokesperson explained to crypto.news that they plan to create a blockchain specifically designed for order book DEXs, with Blum potentially becoming the primary token in this network.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
