Ripple led a $25 million fundraising round for Bitnomial, a digital assets derivatives exchange and brokerage platform.
Bitnomial revealed that Ripple, the firm that created XRP, headed the fundraising round. This occurs as Botanical, the startup’s perpetual futures trading platform, prepares for public launch.
A news announcement states that Botanical is intended to provide customers with access to options trading, regular futures, and perpetual futures.
Although the site is still in closed beta, goods that adhere to U.S. Commodity Futures Trading Commission standards will be made available to consumers upon its public launch.
Bitnomial is a platform that is registered with the CFTC and uses Bitnomial Clearing, LLC to conduct business as a futures commission merchant.
Bitnomial is leading a new age for the regulated derivatives market, according to Ripple CEO Brad Garlinghouse. Brad Garlinghouse:
Bitnomial’s approach to bringing offshore trading models into the U.S. derivatives industry presents a significant market opportunity as they establish a compliant derivatives market for digital assets, such as XRP.”
According to Garlinghouse, Bitnomial intends to leverage Ripple’s soon-to-be-launched stablecoin, RLUSD, to settle.
Notably, Ripple has designated several platforms and exchanges as launch partners for RLUSD. Regarding regulations, Bitnomial filed a lawsuit against the U.S. Securities and Exchange Commission for persistently referring to XRP as a security.
In the Ripple v. SEC case, Ripple filed a notice of cross-appeal after the SEC filed its notice of appeal. A U.S. judge decided in July 2023 that XRP is not a security and that exchange secondary sales do not alone form securities investment contracts.
