©Reuters.
NEW YORK – Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange Binance, has invested in blockchain intelligence company Arkham, which operates an artificial intelligence (AI) platform aimed at improve transparency within the cryptocurrency industry. This strategic move by Binance Labs is part of its ongoing efforts to support innovative projects in the blockchain space.
Arkham’s cutting-edge platform uses a proprietary AI engine called ULTRA to deanonymize blockchain transactions. This technology provides users with the ability to search transaction histories and algorithmically match addresses with real-world entities, thereby promoting greater transparency.
In addition to its analytical capabilities, Arkham introduced the Arkham Intel (NASDAQ:) Exchange. This on-chain marketplace facilitates the buying and selling of blockchain intelligence at scale. The platform’s “Intel-to-Earn” program, backed by Arkham’s native token $ARKM, encourages intelligence production. Users are also rewarded through the DATA program for submitting information that assists in the formation of ULTRA.
The approval of Binance Labs had a significant impact on the performance of the Arkham market. Following Wednesday’s announcement, the price of $ARKM increased by 22.25%, signaling positive market reception and easing previous selling pressure. Today, despite the initial enthusiasm and the increase in price thanks to Binance’s support, investors have been cautious with only a slight increase in the number of holders from 16,600 to 16,700. Nevertheless, measures such as social volume and social dominance showed an increase, suggesting growing interest in ARKM among market participants.
While Arkham currently ranks 343rd with a market cap of less than $100 million, some investors consider the project to be undervalued given its innovative approach to blockchain intelligence and its growth potential within of the cryptographic ecosystem.
Separately, Binance Labs also expanded its investment portfolio by backing Initia, a network designed for modular rollups running on the Cosmos network. This initiative is aimed at developers looking to create scalable systems without the complexities associated with traditional modular and multi-chain systems.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.