In a move aimed at enticing traders to its newly launched cryptocurrency derivatives exchange, Arkham Intelligence has introduced a points program. The initiative, announced on November 14, is designed to incentivize users to trade spot crypto and perpetual futures contracts on the platform.
How the Points Program Works
Under the program, traders can earn points for their trading activities on the exchange. These points will be redeemable for Arkham’s native token, ARKM, after a period of 30 days. The introduction of the points system is a strategic move by Arkham to attract and retain users on its platform.
Arkham’s Cryptocurrency Derivatives Exchange
The cryptocurrency derivatives exchange launched by Arkham on November 6 is designed to cater specifically to retail traders. With a focus on user-friendly features and robust security measures, the exchange seeks to compete with established players in the market, such as Binance.
Key Features of Arkham’s Exchange
One of the standout features of Arkham’s exchange is its integration with the company’s research tools and live on-chain audits. These features are designed to provide users with a seamless trading experience and give them confidence in their investments. Additionally, the exchange incorporates proof-of-reserve (PoR) protocols to ensure the security and integrity of user assets.
Targeting Retail Traders
Arkham’s exchange is not available for use by individuals based in the United States due to regulatory restrictions. However, the platform aims to target retail traders globally, offering them a wide range of trading options and features that are designed to cater to their specific needs.
The Growing Popularity of Crypto Derivatives
The crypto market has seen significant growth in recent years, driven by increased adoption of digital assets and the proliferation of derivative products. According to a report by CCData, crypto derivatives trading volume exceeded $3 trillion in September, up from approximately $1.5 trillion one year prior.
Established Exchanges Entering the Market
The Chicago Mercantile Exchange (CME) has been at the forefront of this trend, launching its Bitcoin Friday Futures (BFF) product on September 29. This move was seen as a significant development in the crypto derivatives market and marked a major milestone for CME’s entry into the space.
Growing Competition in Crypto Derivatives
The launch of Coinbase Derivatives Exchange in 2022 brought crypto futures to the tens of millions of American users on the platform. This move highlighted the growing competition in the crypto derivatives market, with established exchanges entering the fray and new players emerging to challenge them.
Other Developments in Crypto Derivatives
On October 8, Crypto.com’s North American derivatives exchange listed derivatives contracts tied to memecoins, including PepePEPEand Floki Inu (FLOKI). This move demonstrated the growing interest in memecoins and the increasing variety of derivative products available on crypto exchanges.
Arkham Intelligence: A Leading Player in Blockchain Analytics
Arkham is best known for offering a popular tool for tracking blockchain transactions and identifying the entities associated with various crypto wallet addresses. The company has raised $12 million from investors, including Sam Altman, the founder of ChatGPT maker OpenAI.
Conclusion
The launch of Arkham’s points program marks an exciting development in the world of cryptocurrency derivatives trading. With its focus on retail traders and commitment to security and user experience, the platform is well-positioned to compete with established exchanges in the market. As the popularity of crypto derivatives continues to grow, it will be interesting to see how Arkham Intelligence and other players in the space evolve to meet the needs of users.
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