Crypto analytics platform Arkham Intelligence is reportedly planning to launch its own derivatives exchange next month as a way to compete with crypto exchange giant Binance.
According to a new one report by Bloomberg, an anonymous person familiar with the matter says the market intelligence firm plans to launch the options exchange next month with the backing of key investors such as OpenAI CEO and Worldcoin (WLD) founder Sam Altman.
The new exchange – which will not be open to US customers – aims to compete in volume with the world’s largest crypto exchange platform and will be operated through a free trade zone license from the Dominican Republic, which is still being purchased. .
According to the report, although Binance heavily dominates the crypto derivatives market, its market share has fallen to the lowest point in the past four years.
The anonymous person further notes that Arkham is building the technology and infrastructure needed to launch the derivatives exchange internally and that the company is currently in talks with investors in the Middle East to raise $100 million as a means to expand.
Arkham – which launched in 2020 – has around 880,000 monthly active users and hopes this number will help them attract customers to the derivatives exchange, the anonymous person said.
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