Transfer $487 Juta ARKM from Arkham to Coinbase

Bittime - Arkham moved $487 million of ARKM to Coinbase Prime to meet regulatory and tax requirements, increase asset security, and eliminate token visibility on the blockchain.

Transfer $487 Juta ARKM from Arkham to Coinbase

To meet regulatory and tax requirements, Arkham has moved 304.5 million ARKM or approximately $487.24 million worth of its vesting contracts to Coinbase Prime custody. This includes 115.8 million ARKMs worth $185.28 million owned by CEO Miguel Morel.

Purpose of Transfer from Arkham to Coinbase

Announced last July 17, this transfer aims to improve tax compliance and security by eliminating token visibility on the blockchain. 

Over three years, the token will unlock sequentially for advisors, investors, and team members unlocking approximately 324,200 ARKM each day. The United States government has also used Coinbase Prime's custodian service to oversee assets from the disbanded FTX exchange and Silk Road platform.

ARKM Reporting and Divesting Process to Coinbase Custody

Reports ARKM from the current vesting smart contract to an intermediary address, which will then send the tokens to Coinbase's Custody address. These employees will divest ARKM by Coinbase Custody in the future. Following a predetermined three-year opening schedule, it will be subject to transaction compliance and monitoring, and will fulfill the trading plan.

Conclusion

To comply with regulations and increase security, a $487 million transfer of ARKM from Arkham to Coinbase Prime was made. As a result, Arkham can eliminate token visibility on the blockchain, which makes tax compliance and asset security easier. Additionally, CEO Miguel Morel moved 115.8 million ARKM, or a total of $185.28 million, to Coinbase Prime storage. These tokens will be unlocked sequentially for advisors, investors, and team members over three years, with a daily value of approximately 324,200 ARKM. 

Additionally, the US government used Coinbase Prime's custodian service to monitor assets from the disbanded FTX exchange and Silk Road platform. Reporting and divesting of ARKM to Coinbase Custody is carried out transparently and according to a predetermined clearing schedule, ensuring strict transaction compliance and monitoring.

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