Blockchain analysis company Arkham Intelligence plans to open a cryptocurrency derivatives exchange as early as next month, Bloomberg News reported.
Bloomberg, citing sources familiar with the matter, said the exchange would target retail traders and compete with established platforms such as Binance.
Arkham is reportedly already in the process of obtaining a license in the Dominican Republic, where it plans to operate an exchange.
Arkham’s blockchain tracker. Source: Arkham
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The cryptocurrency derivatives market is growing explosively, driven primarily by the trading activity of individual investors.
According to a report by CCData, cryptocurrency derivatives trading volume surpassed $3 trillion in September. That’s up from about $1.5 trillion a year ago.
The proliferation of cryptocurrency derivatives, including on established exchanges such as the Chicago Mercantile Exchange (CME), is driving adoption.
On September 29, CME’s Bitcoin Friday Futures (BFF) debuted in what the derivatives exchange called “the most successful cryptocurrency futures launch of all time.”
According to CME, the contract contributed to record first-day volume for a cryptocurrency futures product, with more than 31,498 contracts traded over two weeks.
The size of BFF is only 1/50th of Bitcoin (BTC). This is a similar product to Coinbase’s “nano” Bitcoin futures, sold in increments of 1/100th of 1 BTC.
On October 8, Nadex, Crypto.com’s North American derivatives exchange, listed derivatives contracts linked to memecoins such as PEPE and FLOKI.
It also listed derivatives related to Dogelon Mars (ELON) and BONK, according to an October 7 Commodity Futures Trading Commission (CFTC) filing.
BTC exchange-traded fund (ETF) options will likely launch in the U.S. by the first quarter of 2025, according to Bloomberg Intelligence analyst James Seyffart.
Arkham is best known for providing widely used tools for tracking blockchain transactions and identifying entities associated with various cryptocurrency wallet addresses.
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Arkham’s token, ARKM, rose more than 16% following Bloomberg’s report, according to CoinGecko.
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