Arkham to debut spot trading platform, competes with Coinbase, Crypto.com
Key Takeaways
- Arkham Intelligence plans to launch a spot trading platform in the US, expanding its crypto trading services.
- Access to Arkham's spot trading service will be limited by location and legal regulations.
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Arkham Intelligence will soon roll out a spot trading platform in the US—a move that would challenge a number of key market players, including Coinbase and Crypto.com. The company shared its plan in a Nov. 20 statement, but provided few details about its new offering.
Arkham said access to the spot trading service will be restricted based on location and local regulations. US residents will only be able to use the platform in states where crypto trading is legally permitted.
“Eligibility varies by jurisdiction. Users residing in the United States will be excluded from onboarding until onboarding is legally permitted in their country and state,” Arkham stated.
The move follows Arkham’s recent announcement of plans to launch a crypto derivatives exchange, aimed at challenging established players like Binance. While the derivatives platform targets retail investors, it will not be available to US customers due to regulatory restrictions.
Founded in 2020 with backing from investors including Peter Thiel and Sam Altman, Arkham Intelligence specializes in blockchain data analysis using artificial intelligence. The company is expanding beyond its core data tracking business as it seeks new revenue streams without charging for its basic search functionality.
Arkham’s ARKM token surged by 7% following recent news, currently trading at around $2.09, per CoinGecko.
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