Arkham Intelligence, the firm behind the blockchain data tracking platform Arkham Intel, intends to launch a crypto derivatives exchange in November, Bloomberg reports citing a person familiar with the matter.
The new derivatives exchange will attempt to compete with giants such as Binance for retail investors, but it will not be available for customers in the United States, Bloomberg adds. Arkham will also relocate its business and new derivatives exchange to the Dominican Republic from London and New York, and the company is in the process of obtaining the necessary free-trade zone license.
In July, Arkham CEO Miguel Morel said the firm would explore ways to monetize the platform sometime in 2024 but would keep core functions free.
Arkham remains one of the most popular crypto data and research platforms, having amassed nearly 84,000 new X followers between Sept. 30 and Oct. 7, according to The Block's Data Dashboard.
Arkham's native token ARKM saw an increase of 18% in the past day to trade at $1.53 as of 10:51 a.m. ET (14:51 UTC), according to The Block Prices.
The Block reached out to Arkham Intelligence for comment.
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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 the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto 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. You can follow MK on X @MManoylov and on LinkedIn.
