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Arkham to launch derivatives exchange, aims to compete with Binance

by Estefano Gomez
October 14, 2024
in Cryptocurrency
Reading Time: 7 mins read
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Key Takeaways

  • Arkham’s new alternate will cater to 880,000 customers however not within the US.
  • The agency is relocating to the Dominican Republic for tax benefits.

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Arkham Intelligence, a blockchain information monitoring platform, is about to launch a crypto derivatives alternate subsequent month, in keeping with a Bloomberg report.

“The alternate will likely be aimed toward retail traders and search to compete with platforms such because the world’s largest crypto alternate Binance,” mentioned Bloomberg citing an individual aware of the initiative.

Arkham’s new derivatives platform, which can cater to its 880,000 month-to-month energetic customers, goals to focus on retail traders and compete with trade giants like Binance. Nonetheless, the platform won’t be accessible to US prospects on account of regulatory restrictions.

The corporate, backed by OpenAI founder Sam Altman, is relocating to the Dominican Republic, aiming to reap the benefits of the nation’s free-trade zone and favorable tax insurance policies.

Based on sources aware of the corporate’s plans, Arkham has spent the final yr constructing the alternate’s expertise. This marks a pivotal second because the agency seeks to carve out market share within the rising derivatives sector, which accounted for 71% of crypto market exercise in September, reaching $3.07 trillion in buying and selling quantity.

Regardless of regulatory actions diminishing Binance’s market dominance, different gamers like Bybit and OKX stay important contenders. Arkham’s problem will likely be tapping into the profitable market whereas sidestepping authorized hurdles.

Along with its buying and selling platform, Arkham has centered on advertising and marketing efforts, together with a €1.8 million sponsorship take care of the Turkish soccer membership Galatasaray, additional boosting its model visibility. Because the alternate prepares to go dwell, Arkham is reportedly elevating $100 million from Center Japanese traders to scale the enterprise.

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Tags: AimsArkhamBinanceCompetederivativesexchangelaunch
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