FX168 Financial News Agency (North America) reported #NFT and Cryptocurrency# According to people familiar with the matter, Arkham Intelligence Inc., a blockchain data company backed by investors such as OpenAI founder Sam Altman, plans to launch a crypto derivatives exchange next month.
Source: Bloomberg
The startup is moving operations from London and New York to Punta Cana, Dominican Republic, where it plans to open a new trading venue, the source said. Arkham’s token (ARKM) rose 19% to $1.52 following the news, giving the token a market value of about $344 million.
Founded in 2020, Arkham focuses on operating a platform that analyzes blockchain data and provides information about entities and individuals behind crypto market activities. According to Pitchbook data, its investors include Bedrock, Draper Associates, Binance Labs, and Sam Altman.
It is reported that the new exchange planned by Arkham will be mainly aimed at retail investors and aims to compete with platforms such as Binance, the world's leading cryptocurrency exchange. However, the exchange will not be open to US investors. In addition, Arkham plans to use the free trade zone license of the Dominican Republic to operate the platform, which is currently under application. The free trade zone in the Dominican Republic provides companies with tax exemptions and other fiscal benefits.
A spokesperson for Arkham declined to comment by email.
By launching a derivatives platform, Arkham is trying to capture some of the profits in the cryptocurrency market. The cryptocurrency market has changed dramatically since Binance faced a series of regulatory actions and its competitor FTX collapsed in a high-profile manner. Although Binance still dominates cryptocurrency derivatives trading, its market share has dropped to its lowest level in four years. Other major exchanges include Bybit and OKX.
According to CCData, the volume of derivatives trading on centralized exchanges reached $3.07 trillion in September, accounting for about 71% of the total cryptocurrency trading volume.
People familiar with the matter also revealed that Arkham has been developing exchange technology internally over the past year and has discussed raising up to $100 million with investors in the Middle East to expand its joint venture. Arkham's data platform is basically free and now has about 880,000 active users. The company hopes this will be one of its advantages in attracting customers.
In addition, Arkham recently signed a two-season sponsorship agreement with Turkish football club Galatasaray to promote its brand through consumers. Under the agreement, Arkham will pay 1.8 million euros (about 2 million US dollars) each season and display its logo on the sleeves of players' jerseys.
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