TechFlow news, October 16 — According to The Block, cryptocurrency derivatives exchange Bitnomial announced it has raised $25 million in funding led by Ripple Labs. Simultaneously, Bitnomial launched Botanical, a perpetual futures trading platform currently in closed beta testing.
The Botanical platform will offer investors services for trading perpetual futures, traditional futures, and options. Luke Hoersten, CEO of Bitnomial, stated that the company is boldly advancing its mission to provide users with regulated and innovative trading experiences through Botanical, offering an alternative to commonly used decentralized exchanges and VPN-based workarounds.
Brad Garlinghouse, CEO of Ripple, believes Bitnomial's approach of bringing offshore trading models into the U.S. derivatives industry presents a significant opportunity to build compliant digital asset derivatives markets, such as for XRP. Bitnomial will use Ripple’s RLUSD stablecoin to settle perpetual futures contracts.
Previous report, Bitnomial filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), challenging its regulatory authority over XRP futures contracts.
