Blum is a hybrid cryptocurrency exchange designed to operate as a Mini App within the Telegram messaging platform. It integrates features of both centralized and decentralized exchanges, offering services such as spot trading, perpetual futures, and a launchpad for new tokens. The project aims to simplify access to crypto assets and financial tools for a mass audience by embedding its full suite of services directly into the Telegram interface, which removes the need for separate applications or complex onboarding procedures. ^{[1] [2]}​

Overview

Blum was developed to function as a comprehensive crypto ecosystem inside Telegram. Its core mission is to lower the barrier to entry for cryptocurrency trading by abstracting away common complexities such as managing multiple blockchain networks, paying gas fees with various native tokens, and dealing with lengthy transaction confirmation processes. The platform's architecture combines a high-speed, off-chain order book, characteristic of a centralized exchange (CEX), with plans for on-chain settlement and self-custody solutions like Multi-Party Computation (MPC) wallets, which are features typically associated with decentralized exchanges (DEX). ^{[3] [1]}​

The project gained significant attention following its launch in April 2024, utilizing a gamified onboarding strategy to attract a large user base. Early users were encouraged to participate in a point-farming system and a simple in-app game to earn rewards, which drove viral growth through a referral program. This strategy allowed Blum to acquire millions of users within its first few months of operation. ^[3]​

Blum is backed by Binance Labs, the venture capital and incubation arm of Binance, after being selected to participate in its Most Valuable Builder (MVB) accelerator program. This provided the project with mentorship and industry support. The founding team consists of former executives from major crypto and tech companies, including Binance, Trust Wallet, and Red Bull. By late 2025, Blum had expanded its offerings to include live perpetual futures trading and had its native token, $BLUM, listed on several major cryptocurrency exchanges. ^{[2] [3]}​

History

The origins of Blum can be traced to September 2023, when co-founders Gleb Kostarev and Vladimir Smerkis departed from their executive positions at the cryptocurrency exchange Binance. Kostarev had served as a Vice President and regional head, while Smerkis was the General Manager for the CIS region. The Blum application officially launched as a Telegram Mini App in April 2024. ^[3]​

Shortly after its launch, on May 1, 2024, Blum was selected as one of 13 projects to join the seventh season of the Binance Labs Most Valuable Builder (MVB) accelerator program. This selection provided the project with significant industry validation and support. The platform experienced rapid user growth, attributed to its gamified point-farming mechanism. By the end of May 2024, Blum had reported surpassing five million registered users, a figure that grew to over 10 million by June 2024. ^[3]​

Throughout mid-2024, the platform primarily focused on user acquisition through its gamified features while developing its core trading products. On May 31, 2024, the team announced the upcoming launch of perpetual futures, initially in a "paper trading" mode to allow users to practice without real funds. The native utility token for the ecosystem, $BLUM, was launched in June 2025. ^{[1] [3]}​

A major milestone was reached on September 23, 2025, with the official launch of live perpetual futures trading on the platform. By this time, Blum reported having onboarded over 95 million users and having processed more than BLUM token secured listings on multiple exchanges, including Bitget, KuCoin, MEXC, Gate.io, and HTX, and was featured on Binance Alpha. The project also allocated 75 million $BLUM to a liquidity program on the BNB Chain. On October 23, 2025, Blum initiated its "Trading Epoch," a new phase that introduced the Trade Points (TP) system to reward active traders on the platform. ^{[2] [4]}​

Technology and Features

Blum's platform is built around a set of integrated features designed to function entirely within the Telegram application, providing a unified user experience for various crypto activities.

Hybrid Exchange Architecture

Blum operates on a hybrid model that seeks to combine the benefits of both centralized and decentralized exchanges. It uses an off-chain order book for matching trades, which allows for fast execution speeds and a user experience similar to that of a traditional CEX. For asset security, the platform incorporates technologies like Multi-Party Computation (MPC) wallets, which enhance security by removing the single point of failure associated with private key management and support the project's goal of offering self-custody options. ^{[3] [2]}​

Telegram Mini App Integration

The entire Blum ecosystem is accessible as a Telegram Mini App, which allows users to trade, manage assets, and access all features without leaving the Telegram messaging client. This integration is central to Blum's strategy, as it leverages Telegram's extensive user base (reported at over 900 million monthly active users in early 2024) for distribution and user acquisition. The platform's "one-tap setup" for certain features is designed to eliminate the need for browser extensions or other external software. ^{[1] [3]}​

Trading Products

Perpetual Futures (Perps)

Launched in September 2025, Blum Perps allows users to trade perpetual futures contracts directly within Telegram. The feature supports trading on over 20 digital assets, including Bitcoin (BTC), Ethereum (ETH), and The Open Network (TON). Users can trade with leverage up to 100x and utilize risk management tools such as stop-loss and take-profit orders. To begin trading, users deposit USDT on the TON blockchain and hold a small amount of TON for network gas fees. The system uses a cross-margin wallet, where a user's entire balance serves as collateral for all open positions. ^{[2] [1]}​

Trading Bot and Terminal

Blum offers a non-custodial trading bot and terminal that provides access to tokens across multiple blockchains, including TON, Solana, and BNB Chain. The platform states that this feature enables users to trade without needing to manually switch between networks or hold the native tokens of each chain for gas fees. The terminal integrates trading, asset bridging, and portfolio tracking into a single interface within the Telegram chat. ^[1]​

Blum Memepad

The Memepad is a launchpad built on the TON blockchain for creating and launching memecoins. It is designed to be accessible to creators without technical expertise, allowing them to define a token's name, ticker, visual assets, and social media links. Tokens created via the Memepad can be launched directly through the Telegram interface. The feature also includes promotional initiatives like the "Meme of the Week" to highlight new and trending tokens on the platform. ^{[1] [4]}​

Security

Blum utilizes Multi-Party Computation (MPC) technology for its wallet infrastructure. This cryptographic method secures user funds by distributing the key management process, which removes the need for users to store and protect a single private key or seed phrase. The platform also has a built-in Sybil detection mechanism designed to identify and mitigate attacks from users creating multiple fake accounts, thereby protecting the integrity of its ecosystem and reward distributions. ^[2]​

Gamification and User Engagement

The project's early growth was heavily driven by a gamified onboarding process. Users could "farm" Blum Points (BP) by logging into the app periodically and participating in a simple "Drop Game." This system was coupled with a referral program where users earned a percentage of the points farmed by those they invited, creating a viral loop. In October 2025, with the launch of the "Trading Epoch," the reward mechanism evolved to include Trade Points (TP), which are earned through active trading, completing quests, and referrals. The platform has stated that these points are limited in supply and will be convertible into the native $BLUM token. ^{[3] [4]}​

$BLUM Token

$BLUM is the native utility token of the Blum ecosystem, designed to connect its various components, including the Memepad, trading bot, and perpetuals product. The token was launched in June 2025. ^[1]​

Following its launch, the $BLUM token was listed on several centralized cryptocurrency exchanges, including Bitget, KuCoin, MEXC, Gate.io, and HTX. It was also featured on Binance Alpha, a platform on the Binance exchange for discovering new token projects. ^{[2] [6]}

In September 2025, the Blum team announced a liquidity program, allocating 75 million $BLUM from its Ecosystem Growth Fund to bootstrap liquidity for the token on the BNB Chain. This initiative was primarily focused on creating a deep liquidity pool on the decentralized exchange PancakeSwap. The project has stated its commitment to maintaining public tokenomics to ensure transparency with its community and token holders. ^{[2] [5] [6]}

Team

Blum was co-founded by a team of veterans from the cryptocurrency and technology sectors, with its headquarters located in Dubai, UAE. ^[2]​

The key figures behind the project include:

• Gleb Kostarev: Co-Founder and CEO. Kostarev is a former Vice President at Binance, where he oversaw operations in Eastern Europe, CIS, Turkey, and APAC. He left Binance in September 2023. ^{[2] [3]}
• Vladimir Masliakov: Co-Founder and CTO. Masliakov is also a former executive from Binance, where he held a technical leadership role. ^[2]
• Vladimir Smerkis: Co-Founder and CMO. Smerkis previously served as the General Manager for the CIS region at Binance before his departure in September 2023. ^[3]

The broader founding team includes former leaders from other major companies such as Trust Wallet and Red Bull. ^[2]​

Adoption and Metrics

Blum has reported significant growth in its user base and platform activity since its launch.

• User Growth: The platform launched in April 2024 and reached over 5 million users by late May 2024. This number grew to over 10 million by June 2024. By September 2025, the platform had registered over 95 million users. ^{[3] [2]}
• Trading Activity: As of September 2025, Blum reported having more than 700,000 daily active traders using its Telegram bot. The cumulative trading volume across its Memepad and trading bot had surpassed $270 million by that time. ^[2]
• Community and Social Presence: As of January 2026, the official Blum X (formerly Twitter) account had accumulated 4.9 million followers. Its Discord server had over 563,000 members. ^{[4] [3]}

The project has also received recognition within the industry, with Cointelegraph identifying Blum as one of the most significant Telegram-based crypto projects. ^[2]​

Founder Quotes

In a press release regarding the launch of perpetual futures, CEO Gleb Kostarev stated:

“This is not just another feature – it’s a step change in how people can trade, learn, and build strategies right where they already spend their time, inside Telegram.” ^[2]

CTO Vladimir Masliakov described the project's broader vision:

“Blum is more than a single product – it’s a web3 trading ecosystem designed to make advanced tools accessible to everyone, right where they already are.” ^[2]

Commenting on the platform's long-term strategy, Kostarev added:

"Our strategy has always been about building accessible, Telegram-native trading tools. Perps trading and our latest listings are further proof of that long-term commitment. We’re here to redefine what’s possible inside Telegram – making advanced crypto trading accessible to anyone, anywhere." ^[2]