On-chain analytics service Arkham Intelligence is set to launch its own derivatives exchange in November 2024. This was reported by #Bloomberg, citing unnamed sources and a host of details.

The exchange is said to be focused on retail investors. And the long-term plan for it is to compete with platforms such as the world's largest crypto exchange #Binance, as well as#Bybitand #OKX.

Arkham has been developing the technology for the exchange internally for the past year and is in talks with investors in the Middle East to raise up to $100 million to expand the venture. Its on-chain data platform, which is largely free, has about 880,000 monthly active users, which it hopes will give it an edge in acquiring customers for the exchange.

Predictably, the new platform will not be open to investors from the United States, according to the publication's source. According to the source, who asked not to be named because the plans have not yet been made public, the startup is moving its operations from London and New York to Punta Cana in the Dominican Republic, where the company and its new office will be based.

Recall that among the investors of Arkham Intelligence is the founder of OpenAI Sam Altman. According to #Pitchbook, its other investors are #Bedrock, #DraperAssociates, #BinanceLabs.

A representative for#Arkhamdeclined to comment to Bloomberg via email.

The#ARKMprice on this news showed growth by +16%. And received from P73 Trend & Target Dynamics Strong Signal of potential high on the two-hour TF. Local correction of the pump is maturing.

In general, the asset looks stronger than many altcoins during the October correction. And if you look at the chart without our indicator, in August-September it tested the global trade support from October 2023. Along the way, it recovered above the EMA 50 of the weekly TF.

The current growth is already the third attempt to consolidate above the EMA 200 of the daily TF in September-October. After the exit (with subsequent retest) from the global "Bullish wedge". The asset is likely to reverse to a new ATH. Important resistance on the way to it is the 0.5 Fibonacci level of the entire pump of February-March 2023 (rate $2,243) and the neighboring volume level of $2,283.

If #ARKM's utility functions are also on the Arkham exchange, this is a very important stage of evolution for the token's prospects. That's why they are buying it today on the news.