Crypto Firm Arkham Intelligence Plans To Launch Derivatives Exchange Next Month: Report
Crypto analytics platform Arkham Intelligence is reportedly planning to launch its own derivatives exchange next month as a means of competing with crypto exchange giant Binance.
According to a new report by Bloomberg, an anonymous person familiar with the matter says that the market intelligence firm plans to launch the options exchange next month with the backing of key investors, such as OpenAI CEO and Worldcoin ( WLD ) founder Sam Altman.
The new exchange – which will not be open to customers in the US – aims to compete with the world’s largest crypto exchange platform by volume and will be operated via a Dominican Republic free-trade zone license, which it is still in the process of procuring.
According to the report, though Binance heavily dominates the crypto derivatives market, its market share has declined to the lowest point it has been during the last four years.
The anonymous person goes on to note that Arkham is building the technology and infrastructure needed to launch the derivatives exchange internally and that the firm is currently in talks with investors in the Middle East to raise $100 million as a means of expanding.
Arkham – which launched in 2020 – currency has about 880,000 monthly active users and hopes this number will help them obtain customers for the derivatives exchange, says the anonymous person.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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