Binance Labs, the venture capital arm and incubator arm of Binance, said on Nov. 15 that it has invested in Arkham (ARKM), the native token of the “deanonymizing” blockchain platform Arkham.
The company said in a blog post on the website that the investment aims to support “on-chain insights at scale across the blockchain ecosystem.”
Arkham’s mission is to deanonymize blockchain transactions and strengthen self-regulation by enabling users to see anyone’s blockchain transactions using Arkham’s intelligence platform, Binance Labs said in the post. Based on the proprietary artificial intelligence (AI) engine known as ULTRA — which “algorithmically matches addresses with real-world entities” — the Arkham platform enables users to track entity relationships and flow funds, the announcement noted.
The VC platform also mentioned that Arkham introduced one of the world’s first on-chain intelligence exchanges, the Arkham Intel Exchange. The tool is a “decentralized intelligence economy” that matches buyers and sellers of blockchain intelligence and allows users to generate intelligence to capture value for their work in exchange for the ARKM token.
Related: UK passes bill to enable authorities to seize Bitcoin used for crime
Binance Labs didn’t disclose the terms of the ARKM deal in the announcement. Amid the news, the ARKM token has jumped more than 30% over the past 24 hours, with its market value reaching an all-time high of $100 million on Nov. 15, according to data from CoinGecko.
At the time of writing, ARKM is trading $0.58, up more than 70% over the past 30 days.
Binance Labs did not immediately respond to Cointelegraph’s request for comment.
Magazine: Beyond crypto: Zero-knowledge proofs show potential from voting to finance