Arkham Intel to launch a spot trading platform in the United States

Crypto data tracking firm Arkham Intel plans to launch a spot trading platform in the United States.

User eligibility for the spot trading exchange will vary by jurisdiction. Individuals in the U.S. cannot onboard unless their state legally allows it, however, Arkham said in a Wednesday post on X. Spot trading entails buying or selling an asset at the current market price.

The forthcoming spot trading platform marks yet another exchange Arkham announced in recent months. In early October, Arkham unveiled plans to release a derivatives exchange to compete with Binance and other big names in the crypto industry for retail interest. Arkham entered the crypto trading business by launching a perpetuals exchange on Nov. 6.

In July, Arkham CEO Miguel Morel said the firm would look for ways to monetize its platform without charging for its core search functionality, The Block reported.

Arkham will face the likes of exchanges Crypto.com and Coinbase , which combined hold over 80% of USD-supported crypto exchange market share, for spot trading volumes, according to The Block's Data Dashboard.

The Block contacted Arkham for comment.