October 15, 2024
Bitnomial, Inc., a digital asset derivatives exchange company, has announced the upcoming launch of its new US perpetual futures trading platform, Botanical. This follows a successful $25 million funding round led by Ripple, with participation from both new and existing investors.
Project | Latest Raise | Latest Raise Date | Lead Investor | Category |
|---|---|---|---|---|
Bitnomial | $25M | October 15, 2024 | Ripple | Trading |
Additionally, Bitnomial has formed a strategic partnership with Ripple to use their stablecoin, RLUSD, for settling perpetual futures. This settlement option will be available through Bitnomial’s newly approved derivatives clearing organization, Bitnomial Clearinghouse, LLC, pending regulatory approvals.
Ripple CEO Brad Garlinghouse, who will join Bitnomial’s board, expressed pride in leading the investment round and supporting Bitnomial’s efforts to integrate offshore trading models into the US derivatives market. He highlighted Bitnomial’s potential to establish a compliant derivatives market for digital assets like XRP and set new industry standards with the use of RLUSD for settlement.
About Bitnomial
Bitnomial is a digital asset derivatives exchange company based in Chicago. It operates a CFTC-regulated exchange, clearinghouse, and brokerage, offering physically settled Bitcoin futures and options. Bitnomial connects digital asset hedgers with institutional traders, providing a secure and compliant platform for trading. Their innovative approach includes leveraging new digital asset settlement systems to enhance the trading experience.
Website: https://bitnomial.com/
About Investor
Investor: Ripple
Ripple is a technology company that provides digital asset infrastructure for financial services. They specialize in cross-border payments, enabling real-time transactions and liquidity management through their blockchain-based solutions. Ripple’s platform supports the use of digital assets like XRP and RLUSD, offering secure and efficient ways to move and manage value globally. Their services are designed to meet regulatory compliance requirements, making them a trusted partner for financial institutions looking to modernize their payment systems.
Location: San Francisco
Website: https://xrpl.org/
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