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Arkham Intelligence plans to launch crypto derivatives exchange

Arkham Intelligence plans to launch crypto derivatives exchange

GrafaGrafa2024/10/12 01:05
By:Mahathir Bayena

Blockchain analytics firm Arkham Intelligence is planning to launch its own cryptocurrency derivatives exchange as early as next month, according to a Bloomberg report.

The platform will target retail traders and compete with other established exchanges, such as Binance.

Arkham is reportedly working to secure a license in the Dominican Republic, where it intends to operate the exchange.

The move comes as the crypto derivatives market continues to grow, largely driven by retail investor activity.

In September, crypto derivatives trading volume surged to over $3 trillion, more than doubling from the previous year, according to CCData.

Established exchanges are also pushing into the crypto derivatives market.

For instance, the Chicago Mercantile Exchange (CME) launched Bitcoin Friday Futures (BFF) on September 29, which it described as the “most successful crypto futures launch ever.”

Over 31,498 contracts were traded on the first day, contributing to the strong demand for crypto futures.

Arkham is well-known for its blockchain tracking tools, which allow users to identify entities associated with cryptocurrency wallet addresses.

The company previously raised $12 million from investors, including Sam Altman, founder of OpenAI.

Following the news of the planned exchange, Arkham’s (CRYPTO:ARKM) native token, ARKM, saw a price increase of more than 16%, according to CoinGecko.

With the launch of this derivatives exchange, Arkham aims to capitalise on the booming crypto derivatives market.

Other platforms, such as Crypto.com’s North American derivatives exchange Nadex, have already introduced products tied to popular memecoins like Pepe (CRYPTO:PEPE) and Floki Inu (CRYPTO:FLOKI INU), further highlighting the growing interest in this space.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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