FxNews—Arkham Intelligence, a company specializing in blockchain data, saw its token ARKM rise by 16% last Friday. This increase came after news that the company might start a crypto derivatives exchange soon.
Arkham’s New Trading Platform to Challenge Binance
Arkham’s new trading platform is designed for everyday investors and aims to rival large exchanges like Binance.
According to a Bloomberg report, which cited an anonymous source, Arkham has moved its base from London and New York to the Dominican Republic. This relocation is strategic as the company plans to launch its new exchange there and is currently obtaining the necessary licenses.
While Arkham’s CEO, Miguel Morel, confirmed the move to the Dominican Republic through a message on Telegram, he did not comment on the upcoming derivatives exchange.
Binance Market Share Drops to 4-Year Low
The market for crypto derivatives is significant, with trading volumes hitting $3 trillion last month—twice the size of the direct trading market. Despite setbacks like the collapse of FTX, which negatively affected the sector, the market continues to grow.
However, Binance, a leader in the space, saw its market share decrease to its lowest in four years this past September.
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Arkham Raises $12M for Blockchain Tracking Tools
Arkham is well-known for its tools that track blockchain transactions and identify the owners of crypto wallets. The firm has attracted $12 million in investment from notable figures, including Sam Altman, the CEO of OpenAI, well-known venture capitalists Peter Thiel and Tim Draper, and leading crypto companies like Coinbase and Wintermute.
Last year, Arkham launched a new marketplace for on-chain intelligence, which rewards users who can track down crypto addresses. They also introduced a token for these bounty payments, which currently has a market cap of $420 million.
Continuing its expansion into public visibility, Arkham recently sponsored the Turkish football team Galatasaray, mirroring moves by other crypto firms to use sports sponsorships to widen their appeal.