United

Read

Ripple led a $25 million funding round for Bitnomial, a digital assets derivatives exchange and brokerage platform based and regulated in the United States. 
Bitnomial announced on Oct. 15 that Ripple, the company behind XRP (<a rel="" href="https://crypto.news/price/xrp/">XRP</a>), led the funding round. This comes as the platform prepares for a public launch of Botanical, the startup’s perpetual futures trading platform. 
According to details in a <a href="https://www.prnewswire.com/news-releases/bitnomial-announces-us-perpetual-futures-trading-platform-botanical-backed-by-25-million-funding-round-led-by-ripple-302275815.html" target="_blank" rel="nofollow">press release</a>, Botanical is designed to offer users access to perpetual futures, traditional futures, and options trading. The platform remains in closed beta, but its public rollout will provide users with products that comply with U.S. Commodity Futures Trading Commission regulations. 
Bitnomial is a CFTC-registered platform operating as a futures commission merchant via its Bitnomial Clearing, LLC. 
 Read more: <a rel="" href="https://crypto.news/bitnomial-receives-cftc-nod-for-derivatives-clearing-in-us/"> Bitnomial receives CFTC nod for derivatives clearing in US </a> 
Ripple chief executive officer Brad Garlinghouse commented that Bitnomial is spearheading a new era for the regulated derivatives market. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “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.” 
 Brad Garlinghouse. 
</blockquote> 
Bitnomial plans to tap into Ripple’s soon-to-launch stablecoin RLUSD for settlement, Garlinghouse added. Notably, Ripple has listed several exchanges and platforms as <a rel="" href="https://crypto.news/ripple-rolls-out-rlusd-stablecoin-on-uphold-bitstamp-and-bullish/">RLUSD launch partners</a>.&nbsp; 
On the regulatory front, Bitnomial recently <a rel="" href="https://crypto.news/bitnomial-takes-sec-to-court-for-classifying-xrp-futures-as-securities/">sued</a> the U.S. Securities and Exchange Commission over the agency’s continued reference to XRP as a security. Ripple on its part <a rel="" href="https://crypto.news/ripple-hits-back-at-sec-files-cross-appeal/">filed a notice of cross appeal</a> after the SEC filed its own notice of appeal related to the Ripple vs. SEC case. 
In July 2023, a judge in the U.S. ruled that XRP is not a security and that secondary sales on exchanges did not by themselves constitute securities investment contracts. 
 You might also like: <a rel="" href="https://crypto.news/paxos-launches-stablecoin-payments-platform-with-stripe-as-first-customer/"> Paxos launches stablecoin payments platform with Stripe as first customer </a>

Ripple backs $25m round for crypto platform Bitnomial

crypto.news

Other articles published on Oct 15, 2024

Stop Hoping on Ripple’s Breakout – Invest in These 3 Altcoins Poised for 12,000% Growth Before 20...

Crypto Losses in 2024 Soar to $2.11 Billion, Surpassing 2023’s Annual Total: Report

Top 3 cryptos to buy now at low prices: Chainlink, Solana, SUI, and Cybro

UAE Introduces VAT Exemption for Cryptocurrency Transfers and Conversions

Tesla Wallets Show Activity as Bitcoin Prices Rise

TD Bank Fined for Crypto Ties with UK and Colombia

Join our free newsletter for daily crypto updates!