Arkham Exchange, a cryptocurrency trading platform built by data analysis company Arkham Intelligence, will be shut down, according to people involved.
Arkham, whose backers include OpenAI CEO Sam Altman, did not respond to requests for comment.
The company, which was founded in 2020 and currently boasts over 3 million registered users, has floated the idea of adding a crypto derivatives exchange in October 2024. The plan was to compete with giants like Binance for individual investors.
By early 2025, Arkham Exchange added spot trading of cryptocurrencies in many US states. However, trading volumes appear to have been an issue, even though the company added a mobile trading app in December.
Binance, the largest cryptocurrency exchange by trading volume, had around $9 billion in daily trading volume, according to data from CoinGecko. Coinbase (COIN) came in second place with $2 billion. Akram recorded just under $620,000 in the past 24 hours.
In addition to Altman, Arkham’s backers include Draper Associates, Binance Labs, and Bedrock.
Arkham hosts its own native crypto token ARKM, which was trading at close to $0.12 at the time of writing.
