In accordance with a current Bloomberg report, blockchain information agency Arkham Intelligence, backed by Sam Altman, the founding father of OpenAI, is getting ready to launch a crypto derivatives trade in November.
New Crypto Alternate On The Horizon
In accordance to a supply accustomed to the plans, Arkham is relocating its operations from London and New York to Punta Cana within the Dominican Republic, aligning with the corporate’s ambition to determine a brand new venue for its trade operations, which is able to cater primarily to retail buyers. Nonetheless, the platform won’t be accessible to US buyers.
Based in 2020, Arkham has developed a platform that assesses blockchain information to offer insights into the entities and people driving exercise within the crypto market.
One of many agency’s most notable companies, notably in 2024, is monitoring Bitcoin and Ethereum exchange-traded funds (ETFs), which launched within the US in January and July this yr respectively.
The agency has been monitoring the inflows and outflows recorded within the ETF market for the biggest cryptocurrencies, offering an perception into investor sentiment in direction of investing within the digital asset ecosystem, which has seen the Bitcoin value rise to a brand new all-time excessive of $73,700 simply two months after the US Securities and Alternate Fee (SEC) authorized these index funds.
Arkham Intelligence’s investor roster contains outstanding names comparable to Bedrock, Draper Associates, and Binance Labs. The corporate goals to leverage its present information platform, which boasts round 880,000 month-to-month energetic customers, to draw prospects to its new trade.
Arkham Intelligence Eyes Crypto Market Growth
Arkham’s new upcoming trade will reportedly function beneath a free commerce zone license within the Dominican Republic, which affords potential tax exemptions and different fiscal advantages.
Per the report, because the crypto derivatives market has seen important shifts—particularly with Binance’s declining market share—Arkham Intelligence is in search of to seize a profitable market section.
Regardless of Binance remaining a dominant participant, its market share in buying and selling quantity has dropped to its lowest stage in 4 years, as lately reported by NewsBTC. As of September, Binance held simply 36.6% of the general buying and selling quantity within the roughly $2 trillion digital asset market.
It has additionally been revealed that the corporate has been growing the required know-how for the trade over the previous yr and is reportedly in talks to lift $100 million from Center Jap buyers to develop the enterprise additional.
Along with its technological developments, Arkham has initiated a branding push by partnering with the Turkish soccer workforce Galatasaray. The 2-season sponsorship deal, valued at €1.8 million ($2 million) per season, will characteristic Arkham Intelligence’s emblem on the workforce’s gamers’ shirt sleeves.
Featured picture from DALL-E, chart from TradingView.com
