Originally published on: November 06, 2024
Arkham Intelligence, a leading blockchain analytics firm, has set the cryptocurrency world abuzz with the launch of its new derivatives exchange, as announced on November 6th.
Designed to cater to retail traders, this exchange aims to rival the likes of industry giants like Binance. With a unique selling point of integrating Arkham’s cutting-edge research and introducing live on-chain audits and proof-of-reserve (PoR), this platform promises to revolutionize the way traders interact with cryptocurrencies.
Although the trading is set to kick off next week, unfortunately, users from the United States will not have access to this innovative platform, as per Arkham’s statement.
The explosion of the crypto derivatives market has caught the attention of many, with trading volume soaring to over $3 trillion in September alone, according to a report by CCData. The introduction of various derivative products on established exchanges like the Chicago Mercantile Exchange (CME) has further fueled this growth.
Coinbase’s entry into the derivatives market in 2022 brought the benefits of crypto futures to millions of American users, signaling a shift in how cryptocurrency is traded. Similarly, Crypto.com’s North American derivatives exchange, Nadex, has listed contracts tied to popular memecoins like Pepe, Floki Inu, Dogelon Mars, and BONK.
Looking ahead, the launch of options on BTC exchange-traded funds (ETFs) in the US is expected by the first quarter of 2025, as per Bloomberg Intelligence analyst James Seyffart. As the market continues to evolve, analysts predict a surge in crypto products, especially following the recent US presidential elections.
Analysts suggest that the victory of Republican candidate Donald Trump could usher in a new era of optimism in the crypto space, with federal agencies potentially adopting a more favorable stance towards cryptocurrencies.
Arkham’s reputation precedes it, known for its top-notch blockchain tracking tool that assists in identifying entities linked to crypto wallet addresses. With a successful fundraising round of $12 million, including backing from industry heavyweight Sam Altman, Arkham is poised to make a significant impact in the cryptocurrency derivatives market.
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