According to Bloomberg reports in recent hours, Arkham Intelligence, the company behind the Arkham Intel platform and the ARKM token, is reportedly planning to launch a new exchange for crypto derivative products.
Cryptocurrency derivative products exchange Arkham is reportedly planning to launch a new exchange, according to Bloomberg reports reaching our newsroom in recent hours.
The company will enter the retail sector in direct competition with giants like Binance, in a deal that will see Arkham shift its operations from London and New York to the Dominican Republic, where it will obtain a new license, from a legal perspective.
The move was already anticipated, albeit indirectly, by CEO Miguel Morel back in July, when he announced a business expansion plan to explore new ways to enhance the platform’s monetization.
Meanwhile, the ARKM token reacted positively to the news, notching up +16% in 24 hours. The news regarding the shift in the company’s operational headquarters was confirmed directly by the CEO, while there is still no official word on the launch of the new platform.
Arkham’s expansion plan
The entire affair probably arose out of the realization of the opportunities that the derivatives market could present.
Last month alone, to cite a few figures, volumes in this market were double those in the spot market ($3 trillion).
At the same time, according to CCData, Binance is reported to have lost ground on its competitors, which evidently opens up new opportunities for competitors.
Arkam, also on the strength of a recent $12 million funding round (in which Sam Altman, founder of OpenAI, also participated), would thus appear to have seized the opportunity.
The intention to expand to a wider audience, moreover, is evidenced by the recent sponsorship signed with Galatasaray, a historic Turkish soccer club, along the lines of the leading cex.
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