Australia scraps AUD 11.6bn of infrastructure projects amid worker shortages and inflationAustralia scraps AUD 11.6bn of infrastructure projects amid worker shortages and inflation
Big Buy Signal Flashes on Altcoin Markets Indicating Next Bull RunBig Buy Signal Flashes on Altcoin Markets Indicating Next Bull Run  |  Editor Hari G

Published Nov 16, 2023 08:41PM ET

NEW YORK – Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange Binance, has invested in blockchain intelligence firm Arkham, which operates an artificial intelligence (AI) platform aimed at enhancing transparency within the crypto industry. This strategic move by Binance Labs comes as part of its ongoing efforts to support innovative projects in the blockchain space.

Arkham’s cutting-edge platform utilizes a proprietary AI engine named ULTRA to deanonymize blockchain transactions. This technology offers users the ability to search transaction histories and algorithmically matches addresses with real-world entities, thereby fostering greater transparency.

In addition to its analytical capabilities, Arkham has introduced the Arkham Intel (NASDAQ:INTC) Exchange. This on-chain marketplace facilitates the buying and selling of blockchain intelligence on a large scale. The platform’s “Intel-to-Earn” program, underpinned by Arkham’s native token $ARKM, incentivizes the production of intelligence. Users are also rewarded through the DATA Program for submitting information that aids in training ULTRA.

The endorsement from Binance Labs has had a significant impact on Arkham’s market performance. Following the announcement on Wednesday, $ARKM experienced a 22.25% surge in its price, signaling positive market reception and mitigating previous selling pressure. Today, despite the initial enthusiasm and price boost from Binance’s backing, investors exhibited caution with only a slight increase in holder count from 16,600 to 16,700. Nonetheless, metrics such as Social Volume and Social Dominance have shown an uptick, suggesting a growing interest in ARKM among market participants.

While Arkham currently ranks 343rd with a market capitalization under $100 million, some investors consider the project undervalued given its innovative approach to blockchain intelligence and potential for growth within the crypto ecosystem.

Separately, Binance Labs has also extended its investment portfolio by backing Initia, a network designed for modular rollups operating on the Cosmos network. This initiative targets developers seeking to create scalable systems without the complexities associated with traditional modular and multi-chain systems.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Get The News You Want

Read market moving news with a personalized feed of stocks you care about.
Get The App

Source link

About the Author: Editorial team of BIPNs

Main team of content of Any type of content should be approved by us.

Share your opinion. And leave a reply within the comments from below.

All Crypto Coins here »