Startup Bitnomial received $25 million from Ripple Labs
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Johny Smith
2024/10/31
3 mins read
Bitnomial, a cryptocurrency derivatives exchange, announced it has raised $25 million in a round led by Ripple Labs. In addition, management announced the launch of a new platform for trading perpetual futures in the United States. The site called Botanical is currently in closed beta testing.
Bitnomial will provide traders with a regulated alternative to decentralized exchanges and VPN solutions that are often used to trade perpetual futures. CEO, Luc Horsten, said the launch of Botanical was a “bold step” towards delivering an innovative and regulated shopping experience.
“We strive to provide an alternative to existing methods and offer a platform that complies with requirements and laws,” the specialist emphasized. Bitnomial will use Ripple’s RLUSD stablecoin to settle perpetual futures, which could improve liquidity and simplify the trading process for US users.
The launch of Botanical and collaboration with Ripple Labs represents a significant opportunity for Bitnomial in the regulated digital asset derivatives sector. The head of Ripple, Brad Garlinghouse, emphasized the importance of creating a “compliance” environment for derivative instruments based on the XRP cryptocurrency. He noted that many current trading models are focused on offshore platforms, making it difficult for American users to access.
The launch of the new platform was part of Bitnomial’s larger strategy to consolidate and expand the United States derivatives market for crypto assets. It is worth noting that in 2020, the organization received approval from the US Commodity Futures Trading Commission (CFTC) to operate the contract market.
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