- Bitnomial secures $25M led by Ripple Labs, launching a U.S.-based perpetual futures trading platform.
- Botanical platform aims to provide regulated futures trading, offering an alternative to DEXes and VPNs.
- Bitnomial’s lawsuit against the SEC challenges its XRP futures product, pushing for a compliant U.S. market.
Bitnomial announced it has raised $25 million in a funding round led by Ripple Labs. The firm also launched its new perpetual futures trading platform, named Botanical, currently in closed beta. This platform will allow investors to trade perpetual futures, traditional futures, and options in the United States.
New Trading Platform Offers Alternatives
Bitnomial’s CEO, Luke Hoersten, highlighted that the Botanical platform is designed to provide an alternative to decentralized exchanges and VPN-based solutions, which are common in perpetual trading today.
With this platform, Bitnomial is taking a significant step forward in offering a regulated and innovative trading experience for U.S. investors. The exchange aims to bring offshore trading models into the U.S. derivatives market, providing a compliant solution for trading digital assets such as XRP.
Ripple’s Involvement in the New Venture
Brad Garlinghouse praised Bitnomial’s approach in expanding the derivatives market for cryptocurrencies like XRP. The platform will incorporate Ripple’s RLUSD stablecoin to settle perpetual futures contracts.
This will provide users with a fresh method to enter the expanding cryptocurrency derivatives market. Garlinghouse stressed the possibility of Bitnomial creating a fresh market opportunity by providing a regulated and compliant platform for trading digital assets.
Ongoing Legal Battle with the SEC
Tuesday’s announcement comes after Bitnomial recently filed a lawsuit against the U.S. Securities and Exchange Commission. The company is suing the SEC over their claim that Bitnomial’s XRP Futures product breaks federal securities regulations. This dispute arises from the continuous discussion on whether XRP is considered a security.
Bitnomial’s growth comes after its 2020 approval from the Commodity Futures Trading Commission (CFTC). It allowed it to offer bitcoin futures and options trading. The launch of the Botanical platform and the new funding round signal Bitnomial’s ambition to expand its offerings and establish a foothold in the U.S. crypto derivatives market.
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