Ripple Leads $25 Million Funding Round for Bitnomial

Ripple has spearheaded a significant $25 million funding round for Bitnomial, a U.S.-based digital assets derivatives exchange and brokerage platform. Announced on October 15, this funding round supports Bitnomial’s preparation for the public launch of Botanical, the startup’s perpetual futures trading platform.

Bitnomial’s Upcoming Launch of Botanical

Botanical is designed to provide users with access to perpetual futures, traditional futures, and options trading. Currently in closed beta, the platform will soon be available publicly, offering products that comply with U.S. Commodity Futures Trading Commission (CFTC) regulations. Bitnomial operates as a CFTC-registered platform through its Bitnomial Clearing, LLC, functioning as a futures commission merchant.

Ripple’s Vision for the Regulated Derivatives Market

Brad Garlinghouse, Ripple’s CEO, emphasized the importance of Bitnomial’s efforts in the regulated derivatives market.

“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.”

Bitnomial plans to integrate Ripple’s soon-to-launch stablecoin RLUSD for settlement, enhancing its trading capabilities. Ripple has already listed several exchanges and platforms as RLUSD launch partners, highlighting the collaborative efforts in the digital assets space.

Legal Developments and Regulatory Challenges

On the regulatory front, Bitnomial has recently taken legal action against the U.S. Securities and Exchange Commission (SEC) over the agency’s persistent classification of XRP as a security. Ripple has also filed a notice of cross-appeal following the SEC’s appeal related to the Ripple vs. SEC case.

In a notable legal development in July 2023, a U.S. judge ruled that XRP is not a security and that secondary sales on exchanges do not constitute securities investment contracts. This ruling has significant implications for the regulation and trading of digital assets.

For more updates on the latest in the world of cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

#CryptoBulls #CryptoInvestor

Post Views: 4