Blockchain analytics firm Arkham Intelligence has announced a new points program aimed at attracting traders to its recently launched cryptocurrency derivatives exchange.
According to Arkham’s (CRYPTO:ARKM) November 14 update, the initiative allows participants to earn points by trading both spot crypto and perpetual futures contracts.
These points can be converted into Arkham’s native token, ARKM, after the 30-day program concludes.
Arkham’s new exchange, launched on November 6, is targeted at retail traders and is set to compete with established platforms like Binance.
The platform includes live on-chain audits and proof-of-reserve (PoR) features, enhancing transparency and trust.
However, Arkham specified that the exchange will not be accessible to users in the United States.
The launch of Arkham's exchange aligns with a broader trend of increasing activity in crypto derivatives trading.
Data from CCData indicated that the trading volume for crypto derivatives surpassed $3 trillion in September 2024, a significant jump from the $1.5 trillion recorded a year earlier.
This growth has been fueled primarily by retail participation.
The derivatives market has seen new products emerge on prominent exchanges, including the Chicago Mercantile Exchange (CME).
On September 29, CME's Bitcoin Friday Futures (BFF) had what it described as the “most successful crypto futures launch ever.”
Other notable entries include Coinbase Derivatives Exchange in 2022, which catered to American users, and Crypto.com’s North American exchange, Nadex, which listed derivatives tied to popular memecoins in October.
Arkham Intelligence, known for its blockchain tracking tool that identifies entities linked to crypto wallet addresses, gained traction after raising $12 million from investors, including OpenAI founder Sam Altman.
At the time of reporting, the Arkham (ARKM) price was $1.96.