Binance Labs Invests in Blockchain Platform Arkham: Boosts 'Deanonymizing' Transactions
Summary:
Binance Labs has invested in Arkham (ARKM), a blockchain platform that specializes in 'deanonymizing' transactions. The investment aims to bolster on-chain insights across the blockchain ecosystem. Using its unique artificial intelligence engine, ULTRA, Arkham enables users to track real-world entities' transactions and fund flow. With ARKM, Arkham established one of the world's first on-chain intelligence exchanges, the Arkham Intel Exchange. Post-investment, ARKM's market value hit a record $100 million.
On November 15, Binance Labs, the investment and incubator arm of Binance, disclosed that it has backed Arkham (ARKM), the core token of the blockchain platform that specializes in 'deanonymization'. An announcement on the host site stated that the investment's goal is to bolster on-chain insights at a significant scale throughout the blockchain universe.
Designed to demystify blockchain transactions, the objective of Arkham, according to Binance Labs, is to augment self-regulation by empowering users to view others' blockchain transactions via Arkham's specialized intelligence platform. Using a unique artificial intelligence (AI) engine known as ULTRA, which algorithmically associates addresses with real-world entities, Arkham allows users to monitor entity relations and fund flow.
Furthermore, the announcement by the venture capital firm highlighted that Arkham has established one of the globe's inaugural on-chain intelligence exchanges, the Arkham Intel Exchange. This platform serves as a 'decentralized intelligence economy' that bridges the gap between those looking to purchase and those selling blockchain intelligence, and allows users to generate and monetize their work's intelligence via the ARKM token.
Although the specifics of the ARKM investment were not disclosed, news of the deal resulted in ARKM token's value surging over 30% within a day, reaching a record market value of $100 million on November 15, as per CoinGecko data. As of this article, ARKM is valued at $0.58, showing a 70% surge over the preceding 30 days. Binance Labs has yet to respond to an inquiry for comment from Cointelegraph.
Published At
11/15/2023 12:52:20 PM
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