The ARKM token of Arkham Intelligence rose by over 16% on the news, according to CoinGecko.
Blockchain analytics firm Arkham Intelligence is capitalizing on the UK cryptocurrency exchanges craze, and Bloomberg reports that the firm plans to launch a cryptocurrency derivative exchange early next month.
The exchange will target retail clients and is set to compete with current platforms like Binance, according to an unnamed insider quoted by Bloomberg.
Arkham is reportedly seeking to secure a license in the Dominican Republic, where it intends to operate the exchange. Cryptocurrency derivatives trading is rapidly growing, particularly among retail traders.
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In September, crypto derivatives trading volume reached over $3 trillion, up from $1.5 trillion in September of the previous year, based on data from CCData. This growth has been driven by the introduction of innovative crypto derivative products on leading marketplaces like CME.
CME began trading Bitcoin Friday Futures on September 29, which they hailed as the “most successful crypto futures launch ever.” On its first day, CME’s crypto futures offerings achieved a trading volume of 31,498 contracts across two contract weeks.
The BFFs are sized at one-50th of a Bitcoin (BTC ticker down to $62,671), similar to Coinbase’s “nano” Bitcoin futures, which trade at one-100th of 1 BTC.
On Oct. 8, the North American derivatives exchange owned by Crypto.com added derivative contracts linked to meme coins like PEPE (ticker down to $0.000009579) and Floki Inu (FLOKI). The exchange also introduced products for Dogelon Mars (ELON) and BONK, as per CFTC filings from Oct. 7.
Some BTC exchange-traded fund (ETF) options are expected to start trading in the United States by Q1 2025, according to James Seyffart of Bloomberg Intelligence.
Arkham is best known for providing solutions that allow users to monitor blockchain transactions and link information to specific wallet owners. It secured $12 million in funding from investors, including Sam Altman, head of OpenAI, the organization behind ChatGPT.
The ARKM token of Arkham has risen by over 16%, according to a report by Bloomberg and data from CoinGecko.