Arkham Intelligence, a blockchain data company backed by OpenAI founder Sam Altman, is getting ready to launch a new crypto derivatives exchange next month.
A New Exchange for Retail Investors
The exchange will be located in Punta Cana, Dominican Republic, and will be aimed at retail investors. However, US investors won’t be able to use the platform.
Arkham has been around since 2020 and has built a platform that analyzes blockchain data to give insights into the crypto market. They’re known for tracking Bitcoin and Ethereum ETFs, which launched in the US earlier this year. This data helps investors understand the sentiment towards crypto investments.
Expanding into the Crypto Derivatives Market
Arkham’s new exchange will operate in a free trade zone in the Dominican Republic, which offers tax benefits. They’re hoping to capitalize on the growing crypto derivatives market, especially since Binance’s market share has been declining.
Arkham has been working on the technology for the exchange for the past year and is looking to raise $100 million from Middle Eastern investors to expand the venture. They’ve also been promoting the brand by partnering with the Turkish football team Galatasaray.
Overall, Arkham Intelligence is looking to make a big splash in the crypto market with their new exchange. It will be interesting to see how they fare against established players like Binance.
