ARKM price soars after Binance Labs announces investment in Arkham

Binance has announced an investment in blockchain deanonymizing platform Arkham, a deal completed via the crypto exchange’s venture arm Binance Labs. The market’s reaction to the Binance news has seen the price of the native token ARKM jump to highs last seen in late July.

At the time of writing, $ARKM traded at $0.587393, with a 28% spike in the past 24 hours bringing total gains over the past week to 53%. ARKM/USD was up 68% in the past one month – upward movement that mirrored recent market trajectories for many altcoins.

The cryptocurrency hit an all-time high of $0.797613 in July. It’s down 26% from that ATH.

Binance Labs invests in $ARKM

Binance is the world’s largest cryptocurrency exchange by trading volume. Its venture capital and incubation arm Binance Labs is among the top crypto investment platforms in the industry. The company’s move to invest in Arkham’s native token $ARKM follows the project’s addition as the 32^nd Launchpad project.

Binance Labs said in their announcement that the investment is geared towards supporting on-chain insights at scale, with this set to benefit the blockchain ecosystem.

Arkham is an artificial intelligence (AI)-powered blockchain and data analytics platform that offers access to crypto intelligence and on-chain data visualization tools.

The platform recently introduced Arkham Intel Exchange, an on-chain intelligence exchange that allows for the buying and selling of blockchain intel. Recently, the platform announced a bounty that aimed at helping with the unmasking of the individual or group behind the hack on crypto exchange Poloniex.

Meanwhile, its “Intel-to-Earn” feature provides an incentive for users to offers correct intelligence. The $ARKM token powers the ecosystem’s rewards.