Blum Gains Major Backing from TOP to Expand on Telegram's TON

Blum, a decentralized exchange (DEX) and trading app on Telegram’s TON network, has announced a new investment from The Open Platform (TOP), a venture builder supporting projects within TON's ecosystem. This partnership brings both funding and technical support, although the exact investment amount was not disclosed.

With backing from TOP, Blum aims to expand its presence and enhance its infrastructure, hoping to appeal to Telegram’s vast user base, which includes nearly 950 million monthly active users. TOP’s support comes just after Binance Labs’ significant investment in Blum, positioning it to become a prominent player within the DeFi space on Telegram.

Blum’s CEO, Gleb Kostarev, expressed gratitude for TOP’s investment, emphasizing its potential to help Blum grow within TON’s ecosystem. "This support will allow us to further our reach on Telegram, enhancing the DeFi experience for our users," Kostarev said. The company aims to stand out by offering a seamless DeFi experience that caters to both new and seasoned users.

TOP’s recent contributions to the TON ecosystem include a $10 million development hub, aimed at fostering growth within TON. Blum’s fast growth and user-friendly interface were key factors in attracting TOP’s investment. Currently, Blum has around 85 million users, making it one of the largest mini-apps on Telegram. With TOP’s tools, Blum plans to streamline its user interface and expand crypto trading capabilities across multiple blockchains to attract more users quickly.

According to Blum’s co-founder and CMO, Vladimir Smerkis, this partnership with TOP will enable the "fast-tracking of new trading features" and strengthen Blum’s infrastructure, though details on the technical support remain limited. This move aligns with the broader trend of high-capital investors looking to engage Telegram’s user base, as seen with recent investments from Bitget and Foresight Ventures into GameFi and "tap-to-earn" projects on TON.

TOP’s investment goes beyond just funding; it includes resources that Blum hopes will improve its technical capabilities, making the DEX even more attractive to users within the TON ecosystem.