The on-chain data tracking platform Arkham Intelligence plans to launch its own cryptocurrency derivatives exchange in November, according to Bloomberg, citing sources.
The startup is reportedly relocating its operations from London and New York to the Dominican Republic and is currently in the process of obtaining the necessary license.
The new platform aims to compete with giants like the cryptocurrency exchange Binance but will not be available to clients in the United States, the source added.
Following the news, the native token ARKM surged by 17% over the day, according to CoinGecko. At the time of writing, it is trading at $1.63.
Earlier, experts noted a 15% decline in bitcoin balances on centralized trading platforms since the beginning of the year.
Back in September, former owner and head of the bankrupt Mt.Gox, Mark Karpeles, announced the launch of a new cryptocurrency exchange.