Arkham’s Token Soars 16% on Report Sam Altman-Backed Crypto Firm Plans Derivatives Exchange

Arkham’s financial platform intends to cater to individual investors and rival other derivatives platforms like the derivatives titan Binance, according to a source familiar with the situation. Moreover, the company has decided to move its headquarters from London and New York to the Dominican Republic, where it plans to launch its new marketplace and is currently working on acquiring the necessary license.

Miguel Morel, CEO of Arkham, indeed verified that the company will be moving to a Caribbean island nation via a Telegram communication. However, he declined to share any details concerning their potential derivatives exchange plans.

Last month, the crypto derivatives trading market reached an impressive $3 trillion in volume, surpassing the size of the spot market by more than double, as reported by CCData. Unfortunately, the collapse of FTX had a substantial impact on the sector. Meanwhile, Binance’s leadership position saw a four-year low in September.

Arkham’s platform is widely used for monitoring blockchain transactions and uncovering the entities linked to cryptocurrency wallets. The firm has secured $12 million in investment, with notable backers such as Sam Altman, CEO and founder of OpenAI, renowned venture capitalists Peter Thiel and Tim Draper, prominent crypto companies like Coinbase, Wintermute, and Digital Currency Group (DCG), as per Crunchbase’s records.

Last year, the company launched a platform for decentralized intelligence in the cryptocurrency sector, offering rewards to individuals who could successfully identify crypto wallet addresses. Additionally, they introduced their own token, which is utilized for these reward payments. As of now, this token has garnered a market capitalization worth $420 million, according to CoinGecko’s statistics.

Lately, Arkham has entered into a partnership with the Turkish soccer team Galatasaray, mirroring other cryptocurrency companies as they venture into sports endorsements to increase their visibility among a wider audience.