Arkham Intelligence's token (ARKM) spiked 16% on Friday following news of its plans to establish a crypto derivatives exchange next month.

Arkham aims to cater to retail users and compete with established platforms like Binance, as reported by Bloomberg, citing sources familiar with the situation. The company has shifted its operations from London and New York to the Dominican Republic, where it is currently in the process of acquiring the necessary licenses.

In a recent Telegram message, CEO Miguel Morel confirmed the company's move to the Caribbean but refrained from commenting on the exchange plans.

Last month, the crypto derivatives market experienced trading volumes reaching $3 trillion, significantly eclipsing the spot market size. Despite this, the recent collapse of FTX impacted the sector adversely, while Binance's market share dropped to its lowest in four years in September.

Arkham has garnered attention for its platform, which helps track blockchain transactions and reveal identities behind crypto wallets. The firm secured $12 million in funding from notable investors including OpenAI's Sam Altman, prominent venture capitalists Peter Thiel and Tim Draper, as well as major firms like Coinbase and Digital Currency Group.

Arkham's platform is a popular tool for following blockchain transactions and identifying entities behind crypto wallets. Arkham's platform is a popular tool for following blockchain transactions and identifying entities behind crypto wallets.

The company previously launched a marketplace that provides insights on blockchain intelligence and rewards users for identifying crypto accounts and is still making waves in the industry through partnerships, notably with Turkish football club Galatasaray.

For more in-depth information, check out Miguel Morel: Shining a Light on Crypto's Leaky Pseudonymity.