Arkham Intelligence Inc., a prominent blockchain data firm, is gearing up for the launch of a new cryptocurrency derivatives exchange in November 2024. This announcement has already sparked interest in the market, with Arkham’s native token, ARKM, surging by 16% in value today.
As part of its expansion strategy, Arkham will relocate its headquarters from London and New York to Punta Cana, Dominican Republic, where the new exchange will be established.
In a report by Bloomberg, it was revealed that the upcoming platform will cater primarily to retail investors, though it will not be accessible to users in the United States. To facilitate its operations in the Dominican Republic, Arkham is pursuing a free-trade zone license, which would offer significant tax advantages for businesses operating in the region.
Additionally, the company is actively seeking to secure $100 million in funding from investors in the Middle East to support its growth initiatives.
The cryptocurrency derivatives market is thriving, with centralized exchanges reporting a staggering $3.07 trillion in trading volume for September 2024, accounting for approximately 71% of all cryptocurrency transactions. While Binance Exchange currently dominates this sector, its market share has declined to a four-year low of 27%, according to recent data from CCData. This decline presents a prime opportunity for new players like Arkham to carve out their own niche in the competitive landscape.
Related topics:
Surge in Retail Investment in Cryptocurrencies, Reports IOSCO
Vitalik Buterin Endorses Optimism’s Superchain Update for Ethereum Layer-2
XRP Lawsuit: SEC Appeals and Ripple Executives Under Scrutiny