The crypto derivatives exchange, Bitnomial, announced that it has raised $25 million in a funding round led by Ripple Labs, as it introduced a perpetual futures trading platform- ‘Botanical’ in the US.
According to the official statement, Botanical is launched in a closed beta phase, and will offer services including trading perpetual futures, traditional futures and options.
Bitnomial CEO Luke Hoersten stated, “We are taking a bold step forward in our mission to provide a regulated and innovative trading experience by launching Botanical, which will provide an alternative to DEXes and VPN-based workarounds common in perpetual trading today.”
Meanwhile, Ripple CEO Brad Garlinghouse claimed, “Bitnomial’s approach to bringing offshore trading models into the U.S. derivatives industry presents a significant market opportunity as they establish a compliant derivatives market for digital assets, such as XRP.”
With the launch of its futures platform, Bitnomial aims to leverage Ripple’s RLUSD stablecoin for the settlement of the perpetual futures.
The announcement of the investment funding comes at the heels of Bitnomial’s filing last week of a lawsuit against the U.S. Securities and Exchange Commission. In its filing, Bitnomial accused the SEC over Ripple’s XRP Futures and challenged the regulator’s claims that ‘XRP is a security’.
Also Read: Ripple CLO Reveals Appeal Timeline in SEC Lawsuit
Source: https://www.cryptonewsz.com/ripple-backs-bitnomial-futures-platform-launch/