- Coinbase’s inclusion of Arkham (ARKM) in its listing roadmap has sparked controversy within the crypto community due to the project’s focus on “intel-to-earn” features.
- Arkham pushed back against rumors asserting that it does not allow the purchase of off-chain personal information.
In the latest development, crypto exchange Coinbase stirred controversy by adding the “intel-to-earn” altcoin project, Arkham (ARKM), to its listing roadmap. On Monday, the prominent US-based cryptocurrency exchange announced its intention to make Arkham (ARKM) available for trading on its platform in the future.
Arkham operates as an intelligence exchange platform where users can place bounties on specific pieces of information. In return, buyers of information on Arkham get exclusive access to the intelligence they purchase for 90 days. After this timeframe, all users on the platform can access the data.
Arkham project’s native crypto token ARKM debuted trading via Binance Launchpad in July last year. Besides, it also received an investment from Binance Labs in November, later that year.
However, the project’s focus on de-anonymizing individuals has sparked controversy within the crypto community, with some developers labeling Arkham as a “snitch-to-earn” or “dox-to-earn” service. In their response, Arkham Intelligence has pushed back against those accusations stating that they aren’t allowing users to buy any kind of off-chain personal information on their platform.
“The purpose of the on-chain research community is to understand market activity for trading purposes better and to identify scams,” noted Arkham. Soon after the Coinbase announcement, the Arkham (ARKM) price surged by 10.28% shooting all the way to $2.75 with its market cap crossing $00 million.
Coinbase to List DOGE, BCH, and LTC Futures
In another major development, Coinbase Derivatives has revealed its intention to introduce cash-settled futures contracts for Dogecoin, Litecoin, and Bitcoin Cash, as reported by Crypto News Flash. Outlined in letters submitted to the United States Commodity Futures Trading Commission (CFTC) on March 7, this move signifies a notable expansion of Coinbase’s product offerings, with a target launch date set for April 1.
Despite initially flying under the radar, garnering minimal community attention, the filing awaits a response from the CFTC. If there are no objections from the regulator, trading of these futures, including a Dogecoin Futures ETF, will commence by April Fool’s Day.
In response to the announcement, Dogecoin, Litecoin, and Bitcoin Cash witnessed significant price surges, underscoring the market’s enthusiastic reception. The decision to list Dogecoin futures underscores its transformation from a meme-based token to a prominent cryptocurrency asset.
“Dogecoin’s enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world,” Coinbase wrote. However, as Coinbase adds a derivatives trading facility for new altcoins, it needs to boost its infrastructure simultaneously. Coinbase chief Brian Armstrong recently admitted the need for increased investments to improve the platform infrastructure, per Crypto News Flash report.
Analysts are viewing Coinbase’s action as a possible tactic to sway SEC regulatory decisions, potentially reshaping the conversation on crypto asset regulations. By seeking a commodity futures classification for these digital currencies, Coinbase appears to be challenging the SEC’s categorization of them as securities. Bloomberg analyst James Seyffart hinted on social media that the filings may have been strategically motivated.
This is interesting… wonder if the SEC objects to these being classified ‘commodities futures’ vs ‘securities futures’. These all forked from Bitcoin so “these are securities” claims would be hard to make after spot #Bitcoin ETF approvals. Might be why Coinbase chose them🤔 https://t.co/PRCxzQEYbi
— James Seyffart (@JSeyff) March 20, 2024
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