Arkham Intelligence, the company behind blockchain data tracking platform Arkham Intel, plans to launch a cryptocurrency derivatives exchange in November, Bloomberg reported, citing people familiar with the matter.
The new derivatives exchange will attempt to compete with giants like Binance by targeting individual investors, but will not be available to U.S. customers, Bloomberg added. Arkham will also relocate its business and new derivatives exchange from London and New York to the Dominican Republic, and the company is in the process of obtaining the necessary free trade zone licenses.
Last July, Arkham CEO Miguel Morel said the company would explore ways to monetize the platform sometime in 2024, but would keep core features free.
Arkham remains one of the most popular cryptocurrency data and research platforms, gaining nearly 84,000 new followers between September 30 and October 7, according to The Block’s data dashboard.
Arkham’s native token ARKM was trading at $1.53 as of 10:51 AM ET (14:51 UTC), up 18% over the past day, according to The Block Price.
The Block has reached out to Arkham Intelligence for comment.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.