Blockchain data company Arkham Intelligence's token (ARKM) surged 16% on Friday on a report that it plans to launch a crypto derivatives exchange next month.

Arkham's trading venue aims to target retail users and compete with other derivatives venues such as exchange giant Binance, Bloomberg reported citing a person familiar with the matter. The company has also relocated from London and New York to the Dominican Republic, where the upcoming marketplace will operate and is in the process of obtaining a license.

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