Recently, two former Binance executives declared the inception of Blum, an innovative next-generation crypto exchange startup.
Former Binance Eastern Europe executives Vladimir Smerkis and Gleb Kostarev have formed a partnership to launch an entirely new crypto exchange platform after their departure from the preeminent CEX.
The action may have a transformative effect, as the crypto startup may present Binance with direct competition.
Former Binance Executives’ Latest Venture
Blum, the new venture of ex-Binance executives, has the potential to bring about a significant paradigm shift in the trading industry.
The platform, as announced in a statement on Monday, will permit users to conduct transactions directly from external crypto wallets that span multiple blockchain networks.
In an interview, Kostarev disclosed that the initial deployment is planned for later this month.
Kostarev explained that Blum will optimize the procedure for listing tokens for crypto projects by utilizing automated software to perform initial evaluations of the project’s user base, liquidity, and technology.
According to a post by Binance Labs on X, the venture capital arm of Binance personally selected the crypto startup to partake in an accelerator program this month.
Kostarev was previously the regional head for Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia, and New Zealand for Binance.
While Smerkis held the position of general manager for the CIS region during that time.
Gleb Kostarev and Vladimir Smerkis’s Departure
Amidst escalating turmoil, the departure of these executives initiated a sequence of high-ranking personnel from Binance towards the end of last year.
In November, Binance and its former CEO Changpeng Zhao entered into a settlement with the US Department of Justice, wherein acknowledging responsibility for allegations such as money laundering and sanctions violations.
The settlement entailed a substantial financial penalty of $4.3 billion.
Kostarev disclosed that Blum is determined to serve clients throughout Asia, and the company intends to apply for authorization to operate as a virtual asset service provider in Georgia.
Despite being situated in Dubai, the partnership is hesitant about creating a global headquarters in the United Arab Emirates.
At present, discussions are underway to obtain external investor funding for the venture, to conclude the round by the end of this month, according to Kostarev.
