• UAE-based fintech Blum raised $5 million in a pre-seed and seed round. 
• The round was led by gumi Cryptos Capital, Spartan, No Limit Holdings, YZi labs and OKX Ventures.
• Founded in 2024 by Gleb Kostarev and Vladimir Smerkis, Blum is a decentralised exchange, offering universal token access through gamification within a Telegram mini-app.
• With the funding, Blum aims to enhance its infrastructure, improve trading functionalities, and expand its operations across multiple blockchain networks.

Source: Waya

UAE’s Blum raised $5 million in a pre-seed and seed round. The round was led by gumi Cryptos Capital, Spartan, No Limit Holdings, YZi labs and OKX Ventures.

Blum is a decentralised trading platform that operates via Telegram. With the funding, it aims to enhance its infrastructure, improve trading functionalities, and expand its operations across multiple blockchain networks. This is in order to provide users with greater flexibility in managing their digital assets.

Additionally, it aims to focus on developing its intelligent trading bot, which has attracted over 1 million users. The platform sees this as a reflection of a growing interest in seamless and efficient trading solutions. 

Since its launch in 2024, Blum aims to grow in the Web3 space. Currently, its Telegram community contains over 32 million members and the platform has 2.2 million registered unique wallet activities. 

The company transitioned from a “Click to Earn” model to a “Trade to Earn” strategy, which is sustainable in the long-term. With this new approach, it aims to encourage users to actively participate in trading rather than simply engaging in passive interactions.

Beyond funding, this round also includes partnership with industry players aiming to strengthen the platforms capabilities and market positioning

Gleb Kostrav, Blum’s CEO, and Vlad Smirkes, CMO, both emphasised that this funding is not limited to capital alone but also includes partnerships to enhance the platform’s capabilities. Additionally, they added that this move is aligned with Blum’s goal of establishing a more efficient and secure trading environment for users.