According to a recent Bloomberg report, blockchain data company Arkham Intelligence, backed by Sam Altman, founder of OpenAI, is preparing to launch a crypto derivatives exchange in November.
New Crypto Exchange 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 desire to establish a new location for its operations in exchange, which will cater mainly to retail investors. However, the platform will not be accessible to US investors.
Founded in 2020, Arkham has developed an experimental platform Blockchain data providing information on organizations and the work of people driving the crypto market.
One of the most notable services of this company, especially in 2024, tracks Bitcoin and Ethereum exchange-traded funds (ETFs), which were launched in the US in January and July of this year respectively.
The company has been monitoring the inflows and outflows recorded at The ETF market of the largest cryptocurrencies, providing an insight into investor sentiment towards investing in the digital asset system, which saw the price of Bitcoin rise to $73,700 just two months after the US Securities and Exchange Commission (SEC) approved the funds. index funds.
Arkham Intelligence’s list of investors includes prominent names such as Bedrock, Draper Associates, and Binance Labs. The company aims to use its existing data platform, which boasts 880,000 monthly active users, to attract customers to its new exchange.
Arkham Intelligence Eyes Crypto Market Expansion
Arkham’s new exchange will reportedly operate under a free trade zone license in the Dominican Republic, which provides tax exemption and other financial benefits.
According to the report, as the crypto derivatives market has seen significant changes—especially with the decline of Binance’s market share—Arkham Intelligence wants to capture a more lucrative market share.
Despite Binance being the dominant player, its market share in trading volume has fallen to its lowest level in four years, recently. report by NewsBTC. As of September, Binance held only 36.6% of the total trading volume in the approximately $2 trillion digital asset market.
It was also revealed that the company has been developing what is needed technology on the exchange last year and is reportedly in talks to raise $100 billion from Middle Eastern investors to further expand the business.
In addition to its technical development, Arkham has launched a joint marketing campaign with Turkish football club Galatasaray. The two-season sponsorship deal, worth 1.8 million Euros ($2 million) per season, will include the Arkham Intelligence logo on the shirt sleeves of the club’s players.
Featured image from DALL-E, chart from TradingView.com
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