Crypto derivatives platform Bitnomial announced on Tuesday the upcoming launch of its new U.S. perpetual futures trading platform, Botanical, following a successful $25 million funding round led by Ripple. The round saw participation from new and existing investors, helping Bitnomial expand its Commodity Futures Trading Commission (CFTC)-regulated exchange, clearinghouse, and brokerage operations.

Luke Hoersten, Bitnomial’s CEO, expressed enthusiasm about the new platform and partnership, stating:

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 U.S.,” he added.

The Botanical platform, currently in closed beta, will offer futures products through Bitnomial’s CFTC-registered Futures Commission Merchant (FCM), Bitnomial Clearing LLC. The partnership with Ripple underscores their mutual goal of creating a regulated marketplace. “We are excited to partner with Ripple, whose investment demonstrates its shared belief in creating a robust regulated marketplace for digital assets in the U.S.,” Hoersten added.

In addition to leading the funding round, Ripple announced a strategic collaboration with Bitnomial. Ripple CEO Brad Garlinghouse, who will join Bitnomial’s board, said, “Ripple is proud to lead this investment round, supporting a company at the forefront of reshaping the future of the regulated derivatives market.” He further highlighted Bitnomial’s strategy of integrating offshore trading models into the U.S. market, noting:

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.

With Ripple’s stablecoin RLUSD set for integration in settlement, Bitnomial aims to establish a new industry standard.

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