The post Arkham Intelligence Set To Launch New Crypto Derivatives Exchange Next Month appeared on BitcoinEthereumNews.com.

According to a recent Bloomberg report, blockchain data firm Arkham Intelligence, backed by Sam Altman, the founder of OpenAI, is preparing to launch a crypto derivatives exchange in November.  New Crypto Exchange On The Horizon According to a source familiar with the plans, Arkham is relocating its operations from London and New York to Punta Cana in the Dominican Republic, aligning with the company’s ambition to establish a new venue for its exchange operations, which will cater primarily to retail investors. However, the platform will not be accessible to US investors. Founded in 2020, Arkham has developed a platform that assesses blockchain data to provide insights into the entities and individuals driving activity in the crypto market.  One of the firm’s most notable services, particularly in 2024, is tracking Bitcoin and Ethereum exchange-traded funds (ETFs), which launched in the US in January and July this year respectively.  The firm has been monitoring the inflows and outflows recorded in the ETF market for the largest cryptocurrencies, providing an insight into investor sentiment towards investing in the digital asset ecosystem, which has seen the Bitcoin price rise to a new all-time high of $73,700 just two months after the US Securities and Exchange Commission (SEC) approved these index funds.  Arkham Intelligence’s investor roster includes prominent names such as Bedrock, Draper Associates, and Binance Labs. The company aims to leverage its existing data platform, which boasts around 880,000 monthly active users, to attract customers to its new exchange. Arkham Intelligence Eyes Crypto Market Expansion Arkham’s new upcoming exchange will reportedly operate under a free trade zone license in the Dominican Republic, which offers potential tax exemptions and other fiscal benefits.  Per the report, as the crypto derivatives market has seen significant shifts—especially with Binance’s declining market share—Arkham Intelligence is seeking to capture a…

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Filed under: News - @ October 12, 2024 8:06 am