Arkham Intelligence is Launching a Spot Trading Platform in the US

2024-11-21 22:46

Arkham Intelligence has announced plans to launch a spot trading platform in the US, aiming to compete with major players such as Coinbase and Kraken. Besides the announcement on X (formerly Twitter), the company disclosed very limited details about the platform.

The trading service will operate with location-based restrictions, aligning with local regulations. US users will only gain access in states where cryptocurrency trading is legally permitted.

Arkham Continues Its Business Expansion

This move builds on Arkham’s recent declaration of plans for a crypto derivatives exchange. While that platform is geared toward retail investors, it will exclude US residents due to regulatory challenges.

Following the announcement, Arkham’s native ARKM token experienced a 7% price increase before seeing corrections. At the time of reporting, the token is trading at approximately $2.09. 

Arkham launched the native token back in July 2023. The token has since then surged nearly 350% in a year.

ARKM token price movement on November 20th. Source: CoinGecko

Founded in 2020, Arkham Intelligence focuses on blockchain data analysis powered by artificial intelligence. The company is backed by industry giants like Peter Thiel and OpenAI’s CEO Sam Altman. 

After its popularity in the crypto analytics space, the company has started diversifying its offerings to develop new revenue streams. This includes expanding beyond its free blockchain search tools and data tracking services.

However, Arkham is still making notable upgrades to its current analytics platform. Last month, the platform added Solana’s blockchain data to its tools. Users can now track and visualize a wide range of on-chain Solana operations.

While the new initiatives mark an expansion of Arkham’s operations, the company’s overall strategy appears consistent with its prior focus on blockchain analytics and compliance-driven adjustments. 

Previously, Arkham reported plans to relocate to the Dominican Republic to facilitate the launch of its exchange. This will potentially ease the regulatory hurdles for the firm as it scales. 

The post Arkham Intelligence is Launching a Spot Trading Platform in the US appeared first on BeInCrypto.

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