According to a recent report by Bloomberg, blockchain data company Arkham Intelligence, backed by Sam Altman, founder of OpenAI, is preparing to launch a cryptocurrency derivatives exchange in November.
A new crypto exchange is on the horizon
According to According to a source familiar with the plans, Arkham is moving its operations from London and New York to Punta Cana in the Dominican Republic, in line with the company’s ambition to create a new home for its exchanges, which will primarily serve retail investors. However, the platform will not be available to US investors.
Founded in 2020, Arkham has developed a platform that evaluates… Blockchain data To provide insight into the entities and individuals driving activity in the cryptocurrency market.
One of the company’s most notable services, particularly in 2024, is tracking exchange-traded funds (ETFs), which were launched in the US in January and July of this year respectively.
The company monitors the inflows and outflows recorded in ETF market of the largest cryptocurrencies, providing insight into investor sentiment towards investing in the digital asset ecosystem, which has seen the price of Bitcoin rise to a new all-time high of $73,700 just two months after the US Securities and Exchange Commission (SEC) approved these index funds. .
Arkham Intelligence’s list of investors includes notable names such as Bedrock, Draper Associates, and Binance Labs. The company aims to leverage its existing data platform, which has about 880,000 monthly active users, to attract customers to its new exchange.
Arkham Intelligence is looking to expand into the cryptocurrency market
The upcoming new Arkham exchange will reportedly operate under a free trade zone license in the Dominican Republic, offering potential Tax exemptions And other financial benefits.
According to the report, as the cryptocurrency derivatives market has undergone significant shifts – especially with Binance’s market share declining – Arkham Intelligence is seeking to capture a lucrative segment of the market.
Although Binance remains a dominant player, its market share in trading volume has fallen to its lowest level in four years, as it has recently I mentioned By NewsBTC. As of September, Binance accounted for just 36.6% of the total trading volume in the digital asset market worth around $2 trillion.
It was also revealed that the company is developing what is necessary technology to the stock exchange over the past year, and is said to be in talks to raise $100 million from investors in the Middle East to further expand the project.
In addition to the technological advancements, Arkham began a branding campaign by partnering with Turkish football team Galatasaray. The two-season sponsorship deal, worth €1.8 million ($2 million) per season, will feature the Arkham Intelligence logo on the sleeves of the team’s players’ shirts.
Featured image of DALL-E, chart from TradingView.com