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What Is Blum Crypto? The Telegram-Powered Hybrid Exchange

Last Updated July 5, 2024 10:18 AM
Onkar Singh
Last Updated July 5, 2024 10:18 AM

Key Takeaways

  • Blum Crypto is a Telegram-integrated hybrid exchange offering seamless crypto trading with a wide range of supported cryptocurrencies and tokens. 
  • Blum Crypto features cross-chain trading capabilities across multiple blockchains, prioritizing security and decentralization while maintaining low fees.
  • Blum Crypto empowers users with a unique trading experience by combining the user-friendliness of centralized exchanges with the security of decentralized platforms.
  • While promising, Blum Crypto’s newness, unclear regulatory status, and reported technical issues raise potential risks for users.

The Telegram has spawned creative small apps that have transformed the messaging app’s user experience. Blum Crypto is a popular example of how to use its hybrid exchange concept and peer-to-peer capability to turn Telegram into a hub for safe cryptocurrency trading.

This article explains what Blum Crypto is, its novel features, how to earn, withdraw, and make money from Blum points.

What is Blum Crypto: A New Era of Crypto Trading

  • Blum Crypto allows users to trade cryptocurrency directly from your Telegram conversations! 
  • Both centralized and decentralized platform features are combined in this hybrid setup. 

Blum crypto combines the security and governance of decentralized exchanges with the usability and liquidity of centralized ones. With Blum, trading cryptocurrency is now much more convenient — all within your preferred chat app.

Blum Crypto has also launched Blum Academy, an educational initiative aimed at teaching users about the TON Blockchain and the broader world of cryptocurrency.

Blum Crypto
Blum Crypto

Who Owns Blum Crypto? 

Blum Labs Inc., a company that was established  in Panama on March 27, 2024, runs Blum Crypto. Hleb Kostarev, a former employee of Binance, and Volodymyr Smyerkis, who has been involved in other cryptocurrency initiatives, launched the exchange. The principal developer of Blum is Volodymyr Maslyakov.

Why Blum Is Gaining Popularity In The Crypto Market

Blum Crypto’s novel concept of hybrid exchange attracts the audience towards it. It has grown quickly, accumulating over 10 million users in just 11 days after recently exceeding 20 million users.

A large user base is drawn in by the smooth connection with Telegram, which makes trading and access simple right from the messaging app. 

Blum Crypto also accommodates both inexperienced and seasoned traders by supporting a wide variety of cryptocurrencies (from popular ones like BTC and ETH to altcoins like ADA), providing cross-chain trading, affordable fees, and cutting-edge trading tools. 

Explore Blum Crypto.
Explore Blum Crypto.

Understanding Hybrid Exchanges: Blending The Best Of Both Worlds

What Is A Hybrid Exchange? Combining CEX And DEX Advantages

A hybrid exchange offers a more complete and intuitive trading experience by fusing the best features of decentralized exchanges (DEX) and centralized exchanges (CEX). It combines the security and management of DEXs with the liquidity, speed, and user interface of CEXs.

Platforms known as CEX are run by businesses and offer excellent liquidity and user-friendly interfaces. They do, however, raise security concerns as they require users to deposit their assets. 

Although they provide consumers sovereignty over their money, DEXs frequently lack the user-friendliness and liquidity of centrally exchanged funds. 

By enabling customers to trade on the blockchain and take advantage of centralized platform capabilities, hybrid exchanges fill this gap. They frequently offer a large selection of trading pairs, quick order execution, and an intuitive user interface. In addition, they reduce the possibility of hackers and money loss by maintaining user cash on the blockchain.

Blum Crypto is a great example of a hybrid exchange, which provides a smooth trading experience on Telegram while retaining the control and security of a DEX. This ground-breaking strategy is changing the crypto trading scene by giving both new and seasoned traders access to a more secure and user-friendly platform.

How Blum Crypto Operates As A Hybrid Exchange

By fusing the benefits of both centralized and decentralized exchanges, Blum Crypto functions as a hybrid exchange, giving users a smooth and effective trading experience.

  • Off-chain order book and matching: Blum matches buy and sell orders fast and effectively by using an off-chain order book. This ensures a high-performance trading environment with quick execution times and less slippage.
  • Off-chain settlement: Order matching takes place off-chain, but all transactions are finally settled on the blockchain to maintain the security and openness of a decentralized exchange. This process is known as on-chain settlement. This implies that until a deal is completed, user money is not retained by Blum Crypto and instead stays in their own wallets.
  • Self-custody options: Users can link to Blum Crypto straight from their current wallets, like MetaMask or Trust Wallet, and keep complete control of their private keys and assets. This gives the trading process an additional degree of security and independence.
  • Multi-Party Computation (MPC) technology: Blum uses MPC technology to improve security. Hackers find it much more difficult to compromise funds when MPC shares the private keys to user assets among several parties, as opposed to just one.
  • Cross-chain trading: Blum allows users to trade a variety of assets across several chains on a single platform by supporting various blockchain networks. This makes trading simpler and eliminates the need to use several exchanges.

Blum Crypto provides a distinctive trading experience by combining these components, balancing the security and decentralization of DEXs with the ease of use and speed of centralized exchanges. 

Key Features Of Blum Crypto Exchange

The key characteristics of Blum crypto exchange include:

  • Wide range of supported cryptocurrencies and tokens: Blum Crypto offers a wide range of trading tokens and cryptocurrencies to suit different types of investors. This covers a broad range of altcoins and developing tokens in addition to well-known cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
  • Cross-chain trading: With Blum Crypto, customers can trade assets across several blockchain networks effortlessly and without having to deal with using multiple exchanges. This facilitates trade and creates opportunities across multiple ecosystems.
  • Low fees and fast transactions: Blum Crypto places a high priority on efficiency by providing quick transaction processing and reasonable trading fees. This enables consumers to swiftly take advantage of market opportunities and optimize their revenues.
  • Advanced trading tools: Blum Crypto offers various cutting-edge tools and features to help seasoned traders improve their trading tactics. Examples include technical indicators, real-time charts, and order types including take-profit and stop-loss orders. These tools enable traders to execute their deals precisely and make informed decisions.
Multiple blockchains
Blum Crypto supports multiple blockchains.

What Are Blum Points?

The Blum Crypto platform’s in-app currency is called Blum Points. Although they are not crypto tokens themselves, they can be acquired and then traded for BLUM tokens upon the token launch.

Blum Crypto Launch Date

The eagerly awaited listing of Blum tokens is scheduled for August 2024. Supported by Binance Labs, Blum will make its debut on Binance.

How To Earn Blum Points?

Blum points can be earned in the following ways:

  • Farming: This is the main way to get Blum Points: “farming.” All one has to do is click the “Farm” button when the Blum app on Telegram opens. Points accrue hourly, and one must consistently claim them.
  • Social tasks: One can gain extra Blum Points by completing different social chores, such as sending friends invitations, posting material on social media, and taking part in community events.
  • Daily assignments: Blum also provides daily assignments that can be finished to earn bonus points.

Is Blum Crypto A Game Or An Exchange?

Blum Crypto is primarily a cryptocurrency exchange. While it has some gamification elements like the “farming” feature for earning points, its core function is to facilitate the buying, selling, and trading of cryptocurrencies.

How To Withdraw Blum Points?

Since Blum Points are not a token, they cannot currently be withdrawn directly. On the other hand, users will be able to trade in their accrued Blum Points for BLUM tokens after the BLUM token launches. 

Then, these tokens can be traded on the Blum exchange or withdrawn to a cryptocurrency wallet.

How To Make Money With Blum Points?

One can earn money with Blum points in the following two ways:

  • Convert to BLUM: Once BLUM tokens are available, converting Blum Points to them is the most straightforward way to earn money. The market’s desire for BLUM and its usefulness inside the Blum ecosystem will determine its worth.
  • Trading: On the Blum exchange, you may exchange your BLUM tokens for fiat money or other cryptocurrencies.
Blum Crypto Game
Blum Crypto Game.

Blum Crypto Mining: How Does it Work?

In the traditional sense, Blum Coin, or BLUM, is not a mineable cryptocurrency. It is not linked to any proof-of-work (PoW) or proof-of-stake (PoS) method. Blum Crypto, on the other hand, provides a unique method for obtaining BLUM tokens through “farming.”

How to “Farm” Blum Points (And Eventually BLUM Tokens)

Blum points can be farmed as follows:

  • Access the Blum mini app: The Telegram messaging app offers the Blum mini-app.
  • Claim farming points: After launching the app, consistently press the “Farm” button to earn Blum Points. These are hourly points that must be claimed before they expire.
  • Complete social tasks: One can gain extra Blum Points by taking part in social tasks including sending friends invites, posting material on social media, and interacting with the community.
  • Finish daily tasks: Blum provides daily tasks that, when finished, award users with extra Blum Points.
  • Convert points to BLUM: Following the official launch of the BLUM token, users will be able to convert their accrued Blum Points into BLUM tokens at a predetermined conversion rate.

It is important to note that the number of Blum Points one can earn is limited per day. Plus, the value of Blum Points and the future value of BLUM tokens are not guaranteed and can fluctuate.

BLUM Airdrop: All You Need To Know

With its impending airdrop, which the community of users is eagerly awaiting, Blum Crypto is making waves.

When Will The Blum Airdrop Happen?

As per the Blum creators, the airdrop kicked off in June 2024! The exact amount of BLUM tokens to be distributed is also yet to be confirmed. However, the company has stated that a significant portion of the total token supply will be allocated to the community through the airdrop.

Blum Crypto has teamed up with Bitget  to give back to its community, as per an announcement made on 2nd July, 2024. Through a time-limited task, users can earn Blum Points and win BGB tokens worth $5 to $200. 

Blum Crypto is giving away 1,000,000 BP, and users can claim 300 BP by completing a task to join and trade on Bitget. Additionally, Bitget is airdropping $50,000 in BGB to traders, with any amount traded qualifying for entry. 

To increase your chances of winning, play the Drop Game, complete tasks, and invite friends to Blum. The top 5% of BP balance owners will receive an additional $50,000 BGB airdrop from Bitget.

Where And How To Participate In The Blum Airdrop?

To participate in the BLUM airdrop, you need to be a user of the Blum Crypto platform. You can download the Blum app on Telegram and start accumulating Blum Points by participating in various activities like farming, social tasks, and daily challenges. These Blum Points will later be converted into BLUM tokens during the airdrop.

Caution: Always use the official channels to stay updated on the most recent information about the BLUM airdrop. Never share your private keys or personal information to unreliable sources, and be on the lookout for frauds!

Is Blum Crypto Legit And Safe?

Blum Crypto’s legitimacy and safety are a mixed bag, with both positive and concerning aspects to consider.

  • Security measures: Blum Crypto claims to prioritize security by utilizing MPC for private key management and offering self-custody options through external wallet connections.
  • Regulatory compliance: Although Blum Labs Inc. is registered in Panama, it is unknown whether regulations specifically apply to crypto exchanges in the country. There are concerns over Blum Crypto’s adherence to industry standards because it has not made any licenses or certificates from reputable financial authorities publicly available.
  • User reviews and reputation: Blum Crypto has gained a lot of attention and is gaining more and more Telegram users, which is a sign of trustworthiness. Nevertheless, as the platform is relatively new, user opinions are mixed, with some citing delays and technological problems.
  • Potential risks: In the future, Blum Crypto may have difficulties due to the dynamic nature of cryptocurrency regulations. Also, the value of assets exchanged on Blum Crypto is subject to large fluctuations because of the highly volatile nature of the cryptocurrency market.

The Future of Blum Crypto: Roadmap And Development Plans

With the intention of strengthening its position in the cryptocurrency market and growing its hybrid exchange model, Blum Crypto has a bold roadmap. They intend to launch new services like an NFT marketplace, futures contracts, and margin trading. 

Here’s what they plan to achieve in Q3 and Q4:

Q3 2024

  • Launch of margin trading and futures contracts, expanding the range of trading options available to users.
  • Implementation of enhanced security measures to further protect user assets and data.
  • While not officially confirmed, Blum Crypto’s ambitious growth plans and Binance’s reputation as a leading exchange suggest a future BLUM listing on Binance could be possible.
  • Expansion into new markets to increase the platform’s global reach.

Q4 2024

  • Launch of the NFT marketplace, allowing users to buy, sell, and trade unique digital assets.
  • Continued development and improvement of existing features based on user feedback and market trends.
  • Further expansion into new markets and potential partnerships to solidify Blum Crypto’s position in the crypto industry.

Conclusion

Blum Crypto offers traders looking for a hybrid exchange experience via the well-known Telegram interface a very attractive platform. Users should exercise caution due to potential dangers connected with the platform’s relative newness, regulatory uncertainty, and the inherent volatility of the cryptocurrency market, even while its unique approach and growing popularity are encouraging. 

However, Blum Crypto’s emphasis on user-friendliness, security, and decentralization may make it a prominent participant in the changing cryptocurrency exchange market. As always, before using any cryptocurrency platform, careful investigation and due diligence are recommended.

Disclaimer

Blum Crypto is a relatively new platform with potential risks due to its novelty and the volatile nature of the crypto market. Users should exercise caution, conduct thorough research, and only invest what they can afford to lose. The information contained is not financial advice, and users should consult with a qualified professional before making any investment decisions.

FAQs

How does Blum Crypto's hybrid exchange model benefit users?

Blum Crypto’s hybrid exchange model benefits users by combining the user-friendliness and liquidity of centralized exchanges with the security and control of decentralized exchanges.

 

How does Blum Crypto address the common challenges associated with decentralized exchanges?

Blum Crypto addresses the common challenges of DEXs by utilizing an off-chain order book for faster matching and on-chain settlement for security, enhancing liquidity through its hybrid model.

What role does Blum coin play in the Blum Crypto ecosystem?

The BLUM coin serves as the native utility token within the Blum Crypto ecosystem, used for trading fees, staking rewards, and accessing premium features.

How does Blum Crypto ensure the confidentiality of user data and transactions?

Blum Crypto prioritizes user privacy by implementing robust encryption protocols, adhering to data protection regulations, and not requiring excessive personal information for basic usage.

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