Gleb Kostarev and Vladimir Smerkis, seasoned executives from Binance, have launched Blum, a bold new venture in the cryptocurrency sector. Their extensive experience at one of the world’s leading cryptocurrency exchanges sets a robust foundation for their innovative new platform.
From Binance to Blum
Previously, Kostarev managed Binance’s operations across Eastern Europe, the Commonwealth of Independent States (CIS) and Turkey. At the same time, Smerkis held the position of general manager for the CIS region. Their combined expertise is now channeled into Blum, which is set to introduce groundbreaking changes to the crypto trading landscape.
Blum is designed to revolutionize crypto trading by enabling direct transactions from external wallets across various blockchain networks. This initiative simplifies the trading process and enhances user autonomy and security. The platform’s approach to streamlining the token listing process through automated assessments is a testament to the founders’ commitment to efficiency and transparency.
Growth and Future Aspirations
Following their departure from Binance amid a tumultuous period for the company, Kostarev and Smerkis are looking to position Blum as a direct competitor to their former employer. Ironically, the startup is part of Binance’s accelerator program, though highlighting the industry’s recognition of its potential. Blum is also targeting expansion in Asia and is seeking regulatory approval to operate as a virtual asset service provider (VASP) in Georgia.
While based in Dubai, the founders are contemplating various locations for their global headquarters and are actively engaging with investors to secure funding for their ambitious plans. Their immediate goal is to finalize an investment round by the end of the month, setting the stage for Blum’s impactful entry into the global crypto market.
Following the Footsteps
The fact that Kostarev and Smerkis are not the only former executives of cryptocurrency exchanges to enter the world of entrepreneurship should be mentioned. Vishal Gupta, a senior director of product management at Coinbase Global Inc (NASDAQ: COIN), announced that he will leave the firm in April to pursue a new cryptocurrency initiative outside of Coinbase.
In a similar manner, immediately after the platform went down, Brett Harrison, who had previously served as the President of FTX US, established a new business that provides services for the Decentralized Finance (DeFi) sector, including order administration and algorithm creation.
It seems that Blum has every chance to break into the environment of cryptocurrency trading platforms — at the moment, more than 20 million users have already been registered, and all the eyes of the media are focused on the visionary founders, who continue to little by little lift the veil of secrecy about the development of the project.
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