Crypto derivatives exchange Bitnomial is set to launch its U.S. perpetual futures trading platform, Botanical, backed by a $25 million round led by Ripple. The platform, integrating Ripple’s stablecoin RLUSD, aims to challenge decentralized exchanges and offshore models.
Bitnomial’s approach to bringing offshore trading models into the U.S. derivatives industry presents a significant market opportunity, underscoring its commitment to creating a regulated marketplace for digital assets.
Bitnomial Launches Botanical: US Perpetual Futures Trading Platform Backed by Ripple
Crypto derivatives platform Bitnomial announced on Tuesday the upcoming launch of its new U.S. perpetual futures trading platform, Botanical, following a successful $25 million funding round led by Ripple. The round saw participation from new and existing investors, helping Bitnomial expand its Commodity Futures Trading Commission (CFTC)-regulated exchange, clearinghouse, and brokerage operations.
Luke Hoersten, Bitnomial’s CEO, expressed enthusiasm about the new platform and partnership, stating:
We are taking a bold step forward in our mission to provide a regulated and innovative trading experience by launching Botanical, which will provide an alternative to DEXes and VPN-based workarounds common in perpetual trading today.
“We are excited to partner with Ripple, whose investment demonstrates its shared belief in creating a robust regulated marketplace for digital assets in the U.S.,” he added.
The Botanical platform, currently in closed beta, will offer futures products through Bitnomial’s CFTC-registered Futures Commission Merchant (FCM), Bitnomial Clearing LLC. The partnership with Ripple underscores their mutual goal of creating a regulated marketplace. “We are excited to partner with Ripple, whose investment demonstrates its shared belief in creating a robust regulated marketplace for digital assets in the U.S.,” Hoersten added.
In addition to leading the funding round, Ripple announced a strategic collaboration with Bitnomial. Ripple CEO Brad Garlinghouse, who will join Bitnomial’s board, said, “Ripple is proud to lead this investment round, supporting a company at the forefront of reshaping the future of the regulated derivatives market.” He further highlighted Bitnomial’s strategy of integrating offshore trading models into the U.S. market, noting:
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.
With Ripple’s stablecoin RLUSD set for integration in settlement, Bitnomial aims to establish a new industry standard.
What do you think about Bitnomial’s partnership with Ripple and its new U.S. perpetual futures platform, Botanical? Let us know in the comments section below.
Source: news.bitcoin.com.
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