Arkham Intelligence Announces Plans to Launch a Spot Trading Platform in the US

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.

Cryptocurrency data analytics firm Arkham Intelligence has announced plans to launch a spot trading platform in the United States, joining the ranks of established exchanges like Coinbase and Kraken.

The announcement was made on X (formerly Twitter) by Arkham, with limited details disclosed about the upcoming platform. The company stated that the trading service will be subject to location-based restrictions, adhering to local regulations.

US users will only be able to access the platform in states where cryptocurrency trading is legally permitted. This move aligns with the increasing demand for regulated crypto exchanges and trading platforms in the US market.

Arkham expands its offerings

This announcement follows Arkham's recent declaration of plans to launch a crypto derivatives exchange, which will be geared toward retail investors. However, that platform will exclude US residents due to the challenges posed by cryptocurrency regulations.

After the announcement, Arkham's native ARKM token saw a 7% increase in price before experiencing some corrections. At the time of writing, the token is trading at around $2.09.

Arkham launched its native token in July 2023, and it has since seen a surge of nearly 350% in a year. Founded in 2020, Arkham Intelligence is known for its blockchain data analysis platform powered by artificial intelligence.

The company is backed by industry giants like Peter Thiel and OpenAI's CEO Sam Altman. After gaining popularity in the crypto analytics space, Arkham has been diversifying its offerings to generate new revenue streams.

This includes expanding beyond its free blockchain search tools and data tracking services, which have attracted a wide user base. However, Arkham is still making significant upgrades to its current analytics platform.

Last month, the platform added Solana's blockchain data to its tools, enabling users to track and visualize a wide range of on-chain Solana operations.

These new initiatives mark an expansion of Arkham's operations, but the company's overall strategy seems to be an extension of its prior focus on blockchain analytics and compliance-driven adjustments.

Previously, Arkham announced plans to relocate to the Dominican Republic to facilitate the launch of its exchange, which could ease the regulatory hurdles for the firm as it scales.