Arkham Intelligence, a blockchain data company, saw its token (ARKM) spike by 16% following reports of its plans to launch a crypto derivatives exchange next month. The new trading venue aims to target retail users and compete with established platforms like Binance.
According to a source familiar with the matter as reported by Bloomberg, Arkham has relocated its operations from London and New York to the Dominican Republic, where the upcoming derivatives exchange will be based. The company is currently in the process of obtaining the necessary license to operate in the region.
CEO Miguel Morel confirmed the relocation of the firm to the Caribbean island country in a Telegram message but refrained from commenting on the specifics of the derivatives exchange plans. The move comes at a time when the crypto derivatives market has seen significant growth, with trading volumes reaching $3 trillion last month, surpassing the size of the spot market.
Despite challenges in the sector, such as the collapse of FTX and the declining dominance of market leader Binance, Arkham’s platform remains popular for tracking blockchain transactions and identifying entities associated with crypto wallets. The company has garnered support from prominent investors, including Sam Altman of OpenAI, Peter Thiel, Tim Draper, and major crypto firms like Coinbase, Wintermute, and Digital Currency Group (DCG).
Arkham raised $12 million in funding and launched a marketplace last year for on-chain intelligence, offering bounties to individuals who can identify crypto addresses. The company also introduced its own token for bounty payments, which now has a market capitalization of $420 million according to CoinGecko data.
In a strategic move to expand its brand presence, Arkham recently entered a sponsorship agreement with Turkish football club Galatasaray, following the trend of other crypto firms venturing into sports sponsorships to reach a wider audience.
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