According to TechFlow, on October 16, The Block reported that crypto derivatives exchange Bitnomial announced the completion of a $25 million financing led by Ripple Labs. At the same time, Bitnomial also launched a perpetual futures trading platform called Botanical, which is currently in a closed beta stage.
The Botanical platform will provide investors with perpetual futures, traditional futures and options trading services. Bitnomial CEO Luke Hoersten said the company is boldly advancing its mission to provide users with a regulated and innovative trading experience through Botanical, providing an alternative to the currently commonly used decentralized exchanges and VPN-based workarounds.
Ripple CEO Brad Garlinghouse believes that Bitnomial’s introduction of offshore trading models into the U.S. derivatives industry provides an important opportunity to establish a compliant digital asset derivatives market such as XRP. Bitnomial will use Ripple’s RLUSD stablecoin for perpetual futures settlement.
Earlier news, Bitnomial filed a lawsuit with the U.S. Securities and Exchange Commission (SEC), questioning its regulatory authority over XRP futures contracts.
