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In a bold move, Arkham Intelligence Inc., a blockchain data firm, is preparing to launch a crypto derivatives exchange next month. As reported by Bloomberg, the firm is charting its course from the United States to the shores of Punta Cana in the Dominican Republic.Ā
This ambitious venture, backed by influential investors like OpenAI founder Sam Altman, marks a significant step for the blockchain data company. Arkham Intelligence seeks to compete in the crypto market alongside major players like Coinbase, Binance Exchange, BitMEX, and the defunct FTX Derivative Exchange.Ā
A New Chapter Arkham Intelligence
Founded in 2020, Arkham has made a name for itself by providing valuable insights into blockchain data. The firm has excellently connected the dots between various entities and their activities in the crypto space, with backing from prominent investors such as Open AI, Bedrock, Draper Associates, and Binance Labs.
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The firm plans to bring its analytical prowess to the trading floor. The derivative exchange will focus on retail investors and position itself against established platforms like Binance. The firm seeks to operate under a free-trade zone license in the Dominican Republic, which offers various tax exemptions and financial incentives. Unfortunately, U.S. investors will not have access to this new venue.
Competing in a Changing Market
The initiative comes when the crypto landscape is undergoing significant shifts. This is especially true of the regulatory scrutiny against Binance and the defunct FTX, which are causing instability in the market.
Ā Despite Binanceās dominance in the derivatives market, its share has recently hit a four-year low. Interestingly, this has created an opportunity for new entrants like Arkham. Regardless of the legal challenges, derivatives trading on centralized exchanges reached an impressive $3.07 trillion in September. This represents about 71% of the total crypto trading volume.
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Building the Technology
Arkham has spent the past year developing its exchange technology internally. The firm is currently in talks with Middle Eastern investors to raise to $100 million for this venture. The firmās data platform boasts around 880,000 active monthly users. Arkham expects to leverage this user base to attract customers to its new exchange.
Over the past year, Arkham has diligently crafted the technology that will power its exchange, ensuring it meets the needs of todayās savvy investors. The firm has also bolstered its brand visibility within the sports and crypto communities.
Recently, the firm signed a two-season sponsorship deal with the Turkish football team Galatasaray. This agreement, worth ā¬1.8 million ($2 million) per season, will feature Arkhamās logo on the teamās playersā shirt sleeves.Ā
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