Blockchain data organization Arkham to launch initial exchanges: Report
Blockchain analytics firm Arkham Intelligence plans to launch a cryptocurrency derivatives exchange next month, according to a Bloomberg report.
The exchange will target retail traders and compete with existing platforms such as Binance, Bloomberg quoted a person familiar with the matter as saying.
Arkham is said to be in the process of obtaining a permit in the Dominican Republic, where it plans to operate the exchange.
Arkham blockchain tracker. Source: Arkham
Related: Bitcoin ETF Options Expected in Q1 2025: Bloomberg Analyst
The crypto derivatives market is exploding, driven mainly by trading activity from retail investors.
According to a CCData report, the trading volume of Crypto derivatives exceeded $1.5 trillion in September, up from $3 trillion a year ago.
Adoption is being fueled by the proliferation of crypto derivatives products, including on established exchanges such as the Chicago Mercantile Exchange (CME).
On September 29, CME's Bitcoin Friday Futures (BFF) derivatives exchange was launched, dubbed “the most successful crypto futures launch ever.”
According to CME, the contracts contributed to record first-day trading among crypto futures, with more than 31,498 contracts traded in two contract weeks.
BFFs is only one-50th of Bitcoin (BTC). One-100th increments of 1 BTC will be sold in the same offering as Coinbase's “nano” Bitcoin futures.
On October 8, Crypto.com's North American derivatives exchange, Nadex, listed derivatives contracts linked to memecoins, including Pepe (PEPE) and Floki Inu (FLOKI).
According to Commodity Futures Trading Commission (CFTC) filings on Oct. 7, it listed derivatives linked to Dogelon Mars (EON) and Bonke.
Options on BTC exchange-traded funds (ETFs) could launch in the United States in the first quarter of 2025, according to Bloomberg Intelligence analyst James Seifert.
Arkham is known for providing a popular tool for tracking blockchain transactions and identifying entities associated with different crypto wallet addresses.
ChatGPT developer OpenAI has raised $12 million from investors including co-founder Sam Altman.
Arkham's token, ARKM, surged more than 16% after the Bloomberg report, CoinGecko reported.
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