Arkham Intelligence has announced plans to launch a spot trading platform in the U.S., aiming to compete with major players like Coinbase and Kraken. In addition to the announcement on X (formerly Twitter), the company revealed very limited details about the platform.
The trading service will operate with location-based restrictions in accordance with local regulations. U.S. users will only have access in states where cryptocurrency trading is legally permitted.
Arkham continues to expand its business
This move builds on Arkham's recent statement about plans for a cryptocurrency derivatives exchange. Although that platform is aimed at retail investors, it will exclude U.S. residents due to regulatory challenges.
Following the announcement, Arkham's native token ARKM increased by 7% before seeing a correction. At the time of reporting, the token was trading at around $2.09.
Arkham launched its native token in July 2023. The token has since increased by nearly 350% in a year.
Price movements of the ARKM token on November 20. Source: CoinGecko
Founded in 2020, Arkham Intelligence focuses on blockchain data analysis supported by artificial intelligence. The company is backed by industry giants like Peter Thiel and OpenAI's CEO Sam Altman.
After gaining popularity in the cryptocurrency analytics space, the company has begun diversifying its services to develop new revenue streams. This includes expanding beyond 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 blockchain data to its tools. Now, users can track and visualize a range of Solana activities on-chain.
While new initiatives mark the expansion of Arkham's operations, the company's overall strategy seems to align with its previous focus on blockchain analysis and adapting towards compliance.
Previously, Arkham reported plans to relocate to the Dominican Republic to facilitate the launch of the exchange. This is likely to ease legal barriers for the company as it scales.