TL;DR
- Arkham Intelligence plans to launch a cryptocurrency derivatives platform in November 2024, focused on attracting retail investors.
- The company will relocate its operations from London and New York to Punta Cana, Dominican Republic, where it will obtain a license in a free trade zone.
- The company is backed by notable investors, including Sam Altman, is seeking up to $100 million to expand its new platform, and has approximately 880,000 users.
Arkham Intelligence, a company recognized for its blockchain data analysis platform, plans to launch a new cryptocurrency derivatives platform in November 2024.
This launch aims to position the company in the crypto derivatives market, where large exchanges like Binance currently dominate. Arkham’s new platform will primarily focus on attracting retail investors, although it will not be available to users in the United States.
In an effort to optimize its operation, Arkham will move its offices from London and New York to Punta Cana, Dominican Republic. From there, it will manage its new derivatives platform. The company is in the process of obtaining a license in a free trade zone in the Dominican Republic, which will allow it to benefit from tax exemptions and other incentives.
Arkham is supported by renowned investors, including Sam Altman, founder of OpenAI, and other venture capital firms like Bedrock, Draper Associates, and Binance Labs. Additionally, the company has been seeking additional funding, having ongoing negotiations in the Middle East to raise up to $100 million. These funds would be allocated for the expansion of the derivatives platform.
Arkham Seeks to Capitalize on the Regulatory Challenges Facing Binance
The cryptocurrency derivatives market has undergone significant changes in recent years. Although Binance continues to lead this segment, its market share has decreased due to various regulatory actions. In September 2024, the trading volume of derivatives on centralized exchanges reached $3.07 trillion, accounting for approximately 71% of the total cryptocurrency volume. This offers an opportunity for Arkham to capture a portion of this lucrative market.
To support the growth of its new platform, the company relies on its existing user base. Its data analysis platform, which mainly offers free services, has around 880,000 monthly active users. Furthermore, the company has intensified its promotional campaigns, signing a sponsorship deal with the Turkish football team Galatasaray, which will help increase its visibility among consumers
