Bitnominal, a Chicago, IL-based digital asset derivatives exchange company, raised $25M in funding.
The round was led by Ripple, with participation from new and existing investors. Ripple CEO Brad Garlinghouse will be joining Bitnomial’s board.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Luke Hoersten, Bitnomial is a digital asset derivatives exchange company that owns and operates US CFTC-regulated exchange (DCM), clearinghouse (DCO), and brokerage (FCM) subsidiaries. It offers the Bitcoin Complex® comprising physically delivered BitcoinFutures, Options, Deci Futures, and Hashrate Futures.
Upon launch, Botanical will provide a platform for trading perpetual futures, traditional futures, and options. Currently in closed beta, the company is offering an early access program with futures products made available on Botanical to be offered through its CFTC-registered FCM, Bitnomial Clearing, LLC.
In addition to the funding round, Bitnomial announced a strategic partnership with Ripple to leverage their stablecoin, RLUSD, for the settlement of the perpetual futures.
Commenting on the news, Luke Hoersten said: “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.”
FinSMEs
18/10/2024