Bitnomial has announced that Ripple, the company behind XRP, has led the funding round. This came as Botanical, a platform designed for trading open-ended futures, was preparing to open to the public.
According to the news, Botanical will offer customers access to trading options, regular futures and open-ended futures.
The site is still in closed #beta testing, but products that meet U. S. Commodity Futures Trading Commission criteria will be available to consumers after the public launch.
Bitnomial is a CFTC-registered platform and does business as a futures commissioner through Bitnomial Clearing, LLC.
According to Brad Garlinghouse, CEO of #Ripple , Bitnomial is leading a new era of regulated derivatives markets. Brad Garlinghouse. Bitnomial's approach to introducing an offshore trading model to the U. S. derivatives industry represents a significant market opportunity as it creates a compliant derivatives market for #digital assets such as #XRP .
According to Garlinghouse, Bitnomial intends to use Ripple's upcoming Ripple RLUSD stablecoin for settlement.
Notably, Ripple has named several platforms and exchanges as RLUSD launch partners. On the regulatory front, Bitnomial has filed a complaint with the US Securities and Exchange Commission for consistently referring to XRP as a security.
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