Originally published on: October 11, 2024
Get ready for a game-changer in the world of cryptocurrency trading! Arkham Intelligence, a leading blockchain analytics firm, is gearing up to launch its very own cryptocurrency derivatives exchange in the coming weeks. This exciting news comes from a recent report by Bloomberg, which revealed that the exchange will be targeting retail traders, directly competing with established platforms like Binance.
According to sources familiar with the matter, Arkham is currently in the process of securing a license in the Dominican Republic, where it intends to operate the exchange. Known for its innovative blockchain tracker, Arkham is now venturing into the booming crypto derivatives market, driven largely by the surge in trading activity from retail investors.
In fact, as per a report by CCData, the trading volume in crypto derivatives surpassed $3 trillion in September, doubling from the previous year. This surge in adoption is fueled by the availability of a wide range of crypto derivatives products, including those offered by established exchanges like the Chicago Mercantile Exchange (CME).
Speaking of CME, the recent launch of the Bitcoin Friday Futures (BFF) on Sept. 29 set a new record for crypto futures trading. With over 31,498 contracts traded on the first day, this offering is pegged at only one-50th of a Bitcoin, similar to Coinbase’s “nano” Bitcoin futures.
Not to be left behind, Crypto.com’s North American derivatives exchange, Nadex, is also making waves by listing derivatives contracts tied to popular meme coins like Pepe and Floki Inu, among others.
Looking ahead, the future of crypto derivatives trading seems bright, with options on Bitcoin exchange-traded funds (ETFs) expected to hit the U.S. market by the first quarter of 2025, according to Bloomberg Intelligence analyst James Seyffart.
For those unfamiliar with Arkham, the firm is renowned for its blockchain transaction tracking tool and has garnered significant funding from prominent investors like Sam Altman, founder of OpenAI. Following Bloomberg’s report, Arkham’s token, ARKM, experienced a notable 16% surge in value, according to CoinGecko.
Stay informed on the latest developments in the crypto world by subscribing to our Crypto Biz newsletter. Receive a weekly snapshot of key business trends, from regulatory shifts to startup buzz, to help you navigate the market and seize financial opportunities. Don’t miss out – subscribe now for your dose of crypto intelligence!
