(Bloomberg) -- Former Eastern Europe Binance executives Gleb Kostarev and Vladimir Smerkis are teaming up to start a new crypto platform, months after leaving the world’s largest digital asset exchange.

The new venue, called Blum, will allow users to trade directly from third-party crypto wallets across multiple blockchain networks, the pair said in a statement on Monday. An initial launch is slated for later this month, Kostarev said in an interview.

The platform will enable crypto projects to automatically list their tokens for trading, using software to make basic checks on a project’s technology, liquidity and existing user base, Kostarev said. Blum was selected by Binance’s venture capital arm to participate in an accelerator program this month, according to a Binance Labs post on X. Binance and Binance Labs didn’t immediately respond to requests for comment.

Kostarev previously served Binance’s regional head of Eastern Europe, Commonwealth of Independent States (CIS), Turkey, Australia and New Zealand, while Smerkis was general manager for the CIS region. 

Their departures were part of a string of senior leadership exits from the business late last year, as Binance faced increased turmoil. Binance and its then-CEO Changpeng Zhao admitted to charges including money laundering and sanctions violations in November, settling with the US Department of Justice and agreeing to pay $4.3 billion in penalties.

Read more: Binance Departures Gather Pace With Kostarev, Smerkis Leaving

Blum is targeting customers across Asia, Kostarev said, and plans to seek approval as a virtual asset service provider in Georgia. The pair are based in Dubai, but are unsure whether the will choose the United Arab Emirates as the place to set up a global headquarters. They are currently in talks to raise funds for the business from external investors and hope to close the round later this month, Kostarev said. 

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