Bitrabo Editorial
A recent report from Bloomberg highlights that Arkham Intelligence, a blockchain data company supported by Sam Altman of OpenAI, is set to launch a cryptocurrency derivatives exchange in November.
Exciting Developments in Cryptocurrency
As per inside sources, Arkham is shifting its headquarters from London and New York to Punta Cana in the Dominican Republic. This move is part of its strategy to create a new trading platform focused on retail investors, though it won’t be available to those based in the US.
Established in 2020, Arkham provides analytics on blockchain data to shed light on the individuals and organizations influencing the cryptocurrency sector.
One of its key offerings this year includes monitoring exchange-traded funds (ETFs) for Bitcoin and Ethereum, which debuted in the US earlier this year.
The company has been tracking the flow of investments in these ETFs, reflecting investor attitudes toward the crypto market, as the price of Bitcoin recently soared to a record high of $73,700, shortly after the US Securities and Exchange Commission (SEC) authorized these funds.
Some noteworthy investors in Arkham include Bedrock, Draper Associates, and Binance Labs. The firm plans to utilize its successful data platform, which attracts about 880,000 active users each month, to draw clients to its new trading venue.
Arkham Intelligence Aims for Growth in the Crypto Space
The forthcoming exchange will function under a free trade zone license in the Dominican Republic, which provides potential tax benefits and other financial advantages.
With considerable changes in the crypto derivatives market—particularly due to the downturn in Binance’s market presence—Arkham Intelligence hopes to seize a promising market opportunity.
While Binance continues to be a significant force, its trading volume market share has recently plummeted to the lowest in four years, with reports indicating it held only 36.6% of the total trading volume in the nearly $2 trillion digital asset market as of September. Source.
Additionally, Arkham has been working on technological infrastructure for the exchange over the last year and is reportedly seeking to raise $100 million from investors in the Middle East to further develop its business.
To enhance its brand visibility, Arkham has also partnered with the Turkish football club Galatasaray. The collaboration, worth €1.8 million ($2 million) annually for two seasons, will see Arkham’s logo displayed on the team’s players’ shirt sleeves.
Image credit: DALL-E, Chart by TradingView.com