HomeNEWSBinance invests in $ARKM to support AI-powered blockchain

Binance invests in $ARKM to support AI-powered blockchain


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Binance Labs has invested in the native token of Arkham ($ARKM) to support the AI-powered blockchain intelligence platform. The venture capital incubation arm of the world’s largest crypto exchange by trading volume made the disclosure today via an official blog post. As indicated, the investment symbolizes Binance’s commitment to pushing the advancement of the blockchain sector.

In the announcement, Binance disclosed its willingness to support the improvement of on-chain insights in the blockchain landscape at large. However, the exchange went on to describe Arkham as an “AI-powered blockchain intelligence and data platform that provides granular information and visualization tools for on-chain activity.” The exchange submitted that the services of Arkham are aimed at enhancing transparency in the industry. 

Meanwhile, Binance in the announcement failed to establish the amount it invested in the token. Before the recent investment from the exchange, $ARKM has been one of the most talked about cryptocurrencies. Ever since the token hit the crypto market in July 2023, it has attracted a host of investments. Since the turn of the month, $ARKM has recorded a price increase of 56%. According to Coinmarketcap, the token is trading at $0.5697. 

It is worth mentioning that the AI-powered outlet, through its technology Ultra, gathers off-chain data and simplifies them for public consumption. Similarly, the outlet transforms raw blockchain transactions into intelligence insights for crypto exchanges, individuals, and trading firms. 

Criticism against Arkham 

Despite the investment from Binance, Arkham has generated unwanted controversies ever since it launched. A segment of the crypto community has criticized the platform for being a ‘snitch-to-earn’ outlet. Furthermore, they labeled the platform’s business model as a central blockchain intelligence agency. Accordingly, the uproar emanated after the email addresses of users who shared links to the waitlist of Arkham were revealed on X (formerly Twitter). 

Initially, Arkham’s model allows users to anonymously post and receive bounties for details relating to transactions on the blockchain. Consequently, the author of the bounty will enjoy exclusive access to the data for 90 days. At the end of the span, the platform will release the details to the public. To an extent, the operational model didn’t sit well with some members of the crypto community.

On the flip side, Arkham has shown flashes of having the capabilities to improve blockchain transparency. On July 24, 2023, the platform revealed that it approved a bounty for information on Do Kwon and Terra wallets. Similarly, the bounty further establishes how Arkham can be a game-changer for advanced blockchain transparency. Thus, the investment by Binance signals that the exchange is drumming support from Arkham despite the concerns over the activities of the platform. 

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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