According to people familiar with the matter, Arkham Exchange, a cryptocurrency trading platform built by data analysis company Arkham Intelligence, is about to close.
Arkham’s backers include OpenAI CEO Sam Altman, who did not respond to a request for comment.
The company, which was founded in 2020 and currently has more than 3 million registered users, floated the idea of adding a cryptocurrency derivatives exchange as early as October 2024. The plan is to compete with giants like Binance for retail investors.
By early 2025, Arkham Exchange added spot cryptocurrency trading in multiple U.S. states. Although the company added a mobile trading app in December, trading volume appears to still be a challenge.
Binance is the largest cryptocurrency exchange by trading volume, with daily trading volume of nearly $9 billion, according to CoinGecko. Coinbase (COIN), in second place, has $2 billion. Akrham earned just under $620,000 in the past 24 hours.
In addition to Altman, Arkham’s backers include Draper Associates, Binance Labs, and Bedrock.
Arkham has its own native crypto token, ARKM, which is trading at nearly $0.12 at the time of writing.