Arkham Intelligence said to be shutting trading platform as crypto bear market bites

Arkham Exchange, the cryptocurrency trading platform built by data analytics company Arkham Intelligence, is closing down, according to a person familiar with the matter.

Arkham, whose backers include OpenAI CEO Sam Altman, did not respond to requests for comment.

The company, which was founded in 2020 and now boasts over 3 million registered users, floated the idea of adding a crypto derivatives exchange back in October 2024. The plan was to compete with giants such as Binance for retail investors.

By early 2025, Arkham Exchange had added spot crypto trading in a number of U.S. states. But volumes appear to have been a challenge, despite the firm adding a mobile trading app in December.

Binance, the largest crypto exchange by volume, had almost $9 billion of daily trading, according to CoinGecko data. Coinbase (COIN), the No. 2, had $2 billion. Akrham 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.