Ripple leads a $25 million Bitnomial funding round 

Bitnomial, a U.S.-based and regulated digital asset derivatives exchange and brokerage platform, raised $25 million led by Ripple.

Bitnomial revealed that the fundraising round was led by Ripple, the digital asset firm which created the XRP token. This occurs as Botanical, the startup’s perpetual futures trading platform, gets ready to go live.

The press release highlighted that the firm intended to provide customers access to trading options, regular futures, and perpetual futures.

Although the platform is still in limited beta, customers can access products that adhere to the rules set forth by the U.S. Commodity Futures Trading Commission when it goes public.

Through its Bitnomial Clearing, LLC, Bitnomial is a CFTC-registered platform that functions as a futures commission merchant. Brad Garlinghouse, the CEO of Ripple, said Bitnomial is leading the regulated derivatives market into a new era.

According to Garlinghouse, Bitnomial intends to leverage Ripple’s soon-to-be-launched stablecoin, RLUSD. Remarkably, Ripple has named some platforms and exchanges as RLUSD launch partners.

Bitnomial recently filed a lawsuit against the U.S. Securities and Exchange Commission for persistently referring to XRP as a security.

Ripple filed a notice of cross-appeal, following the SEC’s filing of its notice of appeal in the Ripple v. SEC case. A U.S. judge declared in July 2023 that XRP is not a security and that secondary sales on exchanges do not make securities, or investment contracts on their own.