Arkham Intelligence, a platform specializing in cryptocurrency and blockchain data tracking, is reportedly planning to launch a cryptocurrency derivatives exchange, according to Bloomberg.
Arkham Intelligence, known for its platform that allows easy tracking of cryptocurrency holdings by companies and organizations, also issues its own cryptocurrency, ARKM. This blockchain analytics firm is now expanding into the realm of derivatives trading.
According to Bloomberg, the information comes from an anonymous source familiar with the matter. The report indicates that Arkham plans to launch a cryptocurrency derivatives exchange in November 2024.
While the platform will be available to individual investors, U.S. residents will not have access to this service.
In addition to the exchange launch, Arkham is reportedly in the process of relocating its operations from London and New York to the Dominican Republic.
The company plans to take advantage of the Dominican Republic's free trade zone license, which offers financial benefits like tax exemptions, to run the platform.
While Arkham's spokesperson declined to comment on the matter to Bloomberg, the report suggests that the derivatives exchange is set to launch in November 2024. An official announcement from Arkham is expected soon.
This news has had a noticeable impact on the price of Arkham's cryptocurrency, ARKM. At the time of writing, ARKM has seen a price surge of over 20% within the last 24 hours.