Arkham Intelligence to Launch Derivatives Exchange Next Month
Arkham Intelligence Inc. a blockchain data company, is preparing to launch a new cryptocurrency derivatives exchange in November 2024. Following the announcement Arkham Intelligence token, ARKM, pumped 16% today.
The company is relocating its operations from London and New York to Punta Cana in the Dominican Republic, where the exchange will be based.
According to a report from Bloomberg , this new platform will focus on retail investors but will not be available to users in the United States. Arkham is also working to obtain a free-trade zone license in the Dominican Republic, which will provide tax benefits for businesses.
Bloomberg also reported that the company is looking to raise $100 million from investors in the Middle East to help grow its operations.
Moreover, the crypto derivatives market is significant, with centralized exchanges handling $3.07 trillion in trading volume in September 2024, making up about 71% of all cryptocurrency trading.
While Binance Exchange is currently leading this market, its share has dropped to a four-year low, down to 27% according to a recent report from CCData . This opens up opportunities for new entrants like Arkham.
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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