Blum Secures Major Investment from TOP to Expand in TON Ecosystem

• Following initial funding from Binance Labs, Blum has become the most visited mini app on Telegram while gaining popularity in the TON ecosystem.
• With TOP’s support, Blum plans to fast-track the launch of new trading features and improve its infrastructure.

Blum, a decentralized exchange (DEX) and trading platform in the Telegram Open Network (TON), recently secured fresh investment from The Open Platform (TOP). Alongside financial backing, this investment brings technical support to Blum as it seeks to solidify its standing within the growing TON ecosystem.

Blum Secures Major Financial Backing

The exact amount of TOP’s investment remains undisclosed but the commitment aligns with Blum’s ambitions to leverage Telegram’s extensive user base. As of yet, the app numbers approximately 950 million active users each month. Blum has also recently achieved the distinction of being the most visited mini app on Telegram amid other achievements since its launch.

Originally funded by Binance Labs this past September, the platform was founded by former Binance executives. These execs aimed to bring accessible decentralized finance (DeFi) solutions to Telegram users, per the CNF report. 

After initial backing from Binance Labs, we are securing notable investments, presenting the company as a serious player in the industry,” stated Gleb Kostarev, Blum’s CEO. He added, “This investment will enable us to further expand our presence on Telegram and provide users with a seamless experience across DeFi.

In addition to funding, TOP’s investment includes dedicated technical resources to enhance Blum’s platform. According to Vladimir Smerkis, CMO and co-founder of Blum, TOP’s support will allow the platform to “fast-track the launch of new trading features.” Also, it will strengthen its infrastructure for future expansion.

Further, Smerkis emphasized that this collaboration goes beyond financial aid as it aims to accelerate Blum’s development through improved technical capabilities. Although specific details on this technical support were not disclosed, the partnership aims to optimize Blum’s user experience.

TOP Emerges As Primary Investor In TON Ecosystem

TOP’s engagement with Blum arrives as part of its investment initiative within the TON network. Recently, TOP established a $10 million growth hub designed to support new and existing projects within TON. Thus, it has positioned itself as a primary investor in projects connected to Telegram’s expanding DeFi services.

Moreover, Blum’s recent achievements in user engagement make it an attractive partner for TOP. Hence, the incubator has highlighted the DEX’s “fast growth and user-friendliness” as reasons for its investment in Blum.

Moreover, the Blum exchange’s ambition aligns with an industry-wide interest in reaching Telegram’s user base, an opportunity also seized by other major players. In late September, Bitget and Foresight Ventures committed $30 million to GameFi and tap-to-earn projects within the TON ecosystem. This move spotlights a push among high-capital investors to explore Telegram’s DeFi market potential.

With TOP’s added toolkit, Blum aims to refine its front-end interface and scale crypto trading across multiple blockchains. This could, in turn, boost its appeal among Telegram users. Currently, Blum claims 85 million users, making it one of the largest active mini apps on the platform, though it remains far from capturing Telegram’s entire audience.