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Highlights
- Former Binance executives have initiated a crypto exchange startup.
- Their crypto startup is expected to transform the CEX landscape.
- Binance Labs chose their crypto startup as a candidate for the upcoming accelerator program.
Gleb Kostarev and Vladimir Smerkis, former executives of Binance in Eastern Europe, have joined forces to establish a brand new crypto exchange platform following their departure from the leading CEX. The move could prove to be game-changing as the crypto startup could pose a direct competition to Binance.
About Former Binance Execs’ Latest Venture
The ex-Binance executives’ new venture, Blum, is poised to revolutionize the trading landscape. It will enable users to execute trades directly from external crypto wallets spanning various blockchain networks, as announced in a statement on Monday. Kostarev revealed in an interview that the initial rollout is scheduled for later this month.
Blum will streamline the token listing process for crypto projects, leveraging automated software to conduct preliminary assessments of a project’s technology, liquidity, and user base, Kostarev explained. The crypto startup was handpicked by Binance’s venture capital arm to participate in an accelerator program this month, according to a Binance Labs post on X.
Formerly, Kostarev held the position of Binance’s regional head for Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia, and New Zealand. Whilst, Smerkis served as the general manager for the CIS region.
Also Read: Binance Drops Pax Dollar (USDP) Support, But There’s A Catch
Departure Of Gleb Kostarev and Vladimir Smerkis
The departure of these executives marked the beginning of a series of high-level exits from Binance toward the end of last year, amidst escalating turmoil. Binance and its former CEO Changpeng Zhao admitted to allegations, including money laundering and sanctions breaches in November, ultimately reaching a settlement with the US Department of Justice and agreeing to a hefty $4.3 billion in penalties.
Blum has its sights set on catering to customers across Asia, with Kostarev revealing plans to pursue approval as a virtual asset service provider in Georgia. Although the duo is based in Dubai, they are undecided on whether to select the United Arab Emirates as the location for establishing a global headquarters. Currently, they are engaged in discussions to secure funding for the venture from external investors and aim to finalize the round by the end of this month, Kostarev disclosed.
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