Wednesday, November 6, 2024
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Arkham Intelligence to Launch Derivatives Exchange Next Month

Arkham Intelligence Inc. a blockchain data company, is preparing to launch a new cryptocurrency derivatives exchange in November 2024. Following the announcement Arkham Intelligence token, ARKM, pumped 16% today.

The company is relocating its operations from London and New York to Punta Cana in the Dominican Republic, where the exchange will be based.

According to a report from Bloomberg, this new platform will focus on retail investors but will not be available to users in the United States. Arkham is also working to obtain a free-trade zone license in the Dominican Republic, which will provide tax benefits for businesses.

Bloomberg also reported that the company is looking to raise $100 million from investors in the Middle East to help grow its operations.

Moreover, the crypto derivatives market is significant, with centralized exchanges handling $3.07 trillion in trading volume in September 2024, making up about 71% of all cryptocurrency trading.

While Binance Exchange is currently leading this market, its share has dropped to a four-year low, down to 27% according to a recent report from CCData. This opens up opportunities for new entrants like Arkham.

Also Read: MicroStrategy’s NAV Premium Hits Highest Level Since 2021

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