Bitnomial Announces US Perpetual Futures Trading Platform, Botanical, Backed by $25 Million Funding Round Led by Ripple

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Oct 15, 2024, 09:00 ET

CHICAGO, Oct. 15, 2024 /PRNewswire/ -- Bitnomial, Inc. ("Bitnomial"), a digital asset derivatives exchange company that operates CFTC-regulated exchange, clearinghouse, and brokerage
subsidiaries, today announced the upcoming launch of its new US perpetual futures trading platform, Botanical. The launch of Botanical follows Bitnomial's successful $25 million funding round, led by Ripple, the leading provider of digital asset infrastructure for financial institutions, with participation from new and existing investors.

Luke Hoersten, CEO of Bitnomial, commented on the launch and fundraise, "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. We are excited to partner with Ripple, whose investment demonstrates its shared belief in creating a robust regulated marketplace for digital assets in the US."

Upon launch, Botanical will provide a seamless and compliant platform for trading perpetual futures, traditional futures, and options. Currently in closed beta, Botanical is offering an early access program with futures products made available on Botanical to be offered through Bitnomial's CFTC-registered FCM, Bitnomial Clearing, LLC.

In addition to the funding round, Bitnomial is thrilled to announce a strategic partnership with Ripple to leverage their stablecoin, RLUSD, for the settlement of the perpetual futures. Stablecoin settlement will be made available through Bitnomial's newly approved derivatives clearing organization, Bitnomial Clearinghouse, LLC, and will be subject to all necessary regulatory approvals.

Ripple CEO Brad Garlinghouse, who will be joining Bitnomial's board, commented on the investment: "Ripple is proud to lead this investment round, supporting a company at the forefront of reshaping the future of the regulated derivatives market. Bitnomial's approach to bringing offshore trading models into the US derivatives industry presents a significant market opportunity as they establish a compliant derivatives market for digital assets, such as XRP. Alongside their planned use of RLUSD for settlement, Bitnomial is setting a new standard for the industry."

Perpetual futures will be listed on a multiyear basis by, and subject to the rules of, Bitnomial Exchange, LLC., in addition to being subject to all necessary regulatory approvals.

The Botanical perpetual futures platform is set to launch in the coming months. Follow @botanical on X and sign up for early access at www.botanical.finance.

About Bitnomial, Inc.
Bitnomial, Inc. is a digital asset derivatives exchange company that owns and operates US CFTC-regulated exchange (DCM), clearinghouse (DCO), and brokerage (FCM) subsidiaries. Bitnomial offers the Bitcoin Complex^® comprising physically delivered Bitcoin Futures, Options, Deci Futures, and Hashrate Futures.