- Bitnomial plans to launch its U.S. perpetual futures platform, Botanical, after raising $25M.
- Ripple leads Bitnomial’s funding round, supporting its mission for regulated digital asset markets.
- Botanical to offer perpetual futures trading with RLUSD stablecoin for settlement upon launch.
Bitnomial Inc., a digital asset derivatives exchange, is planning to release a new U.S.-based perpetual futures trading platform called Botanical. This comes after Bitnomial completed a $25 million funding round in the recent past with Ripple, a provider of digital asset infrastructure, as the lead investor with other new and old investors.
Luke Hoersten, the CEO of Bitnomial, talked about the platform and the recent funding round:
“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.”
Bitnomial’s Regulated Futures Trading
He underlined that Botanical is designed to provide a compliant environment for the trading of perpetual futures, which is different from the DEXes and VPN approaches often used in the process. Hoersten said that Ripple’s investment is in line with the broader goal of developing a well-regulated market for digital assets in the United States that can be accessed by institutional investors with greater confidence.
At its launch, Botanical will be able to operate with perpetual futures, traditional futures, and options. At this time, the platform is in its closed beta phase, and only a limited number of users will be able to trade futures products through the CFTC-regulated futures commission merchant, Bitnomial Clearing, LLC. This decision enables Botanical to focus on meeting the needs of institutional investors who are looking for a means to engage in digital asset futures trading in a regulated market.
Besides the platform launch, the company has also shared that it has partnered with Ripple. To this effect, platform will leverage on Ripple’s stablecoin, RLUSD to settle the perpetual futures contracts. This integration will be done through company’s recently permitted derivatives clearing organization, Bitnomial Clearinghouse, LLC, on condition of acquiring the relevant regulatory approval.
Ripple and Bitnomial Partnership
Brad Garlinghouse the CEO of Ripple who will also serve as a board member at platfrom also expressed his excitement on the partnership. He added that Ripple is glad for supporting Bitnomial in the development of the compliant digital asset derivatives market. In the view of Garlinghouse, the company approach to onboard offshore trading models to the US market holds a lot of potential and fits in with Ripple’s objective of creating the infrastructure for the digital asset trading ecosystem.
The perpetual futures products on Botanical will be listed multiyear and will follow Bitnomial Exchange, LLC’s rules and regulation and all the requirements of the United States of America regulations. This launch signifies a significant progress in the development of a safer and more controlled place for trading of digital asset futures in the United States.
