News EditorBlockchain Data Firm Arkham Set to Launch Cryptocurrency Derivatives Exchange
Arkham Intelligence, a blockchain analytics company, is preparing to launch a cryptocurrency derivatives exchange, according to a report from Bloomberg. The platform is expected to debut next month and will target retail traders, aiming to compete with established exchanges like Binance.
The firm is reportedly in the process of obtaining a license in the Dominican Republic, where the new exchange will be based. This move comes at a time of significant growth in the crypto derivatives market, driven by increased activity from retail investors.
In September 2024, trading volume in the crypto derivatives sector surged past $3 trillion, doubling from $1.5 trillion in the same month the previous year, according to a report by CCData. The rise in adoption has been fueled by the expansion of crypto derivatives products on platforms like the Chicago Mercantile Exchange (CME), which recently launched Bitcoin Friday Futures (BFF). The BFF contracts had a record debut, with over 31,000 contracts traded on the first day.
Other platforms have also expanded their offerings. On October 8, Crypto.com’s North American exchange, Nadex, listed derivatives contracts linked to popular memecoins such as Pepe (PEPE), Floki Inu (FLOKI), Dogelon Mars (ELON), and BONK.
Additionally, options tied to Bitcoin exchange-traded funds (ETFs) are expected to launch in the U.S. by early 2025, according to Bloomberg Intelligence analyst James Seyffart.
Arkham Intelligence, widely known for its blockchain transaction tracking tools, has raised $12 million from investors including Sam Altman, the founder of OpenAI. Following Bloomberg’s report, Arkham’s token, ARKM, saw a 16% increase in value, according to CoinGecko.
