Cryptocurrency derivatives exchange Bitnomial has completed a $25 million financing round, led by Ripple Labs.

Deep Tide TechFlow news, on October 16, reported by The Block, that the crypto derivatives exchange Bitnomial announced the completion of a $25 million financing round led by Ripple Labs. At the same time, Bitnomial launched a perpetual futures trading platform named Botanical, which is currently in a closed testing phase. The Botanical platform will provide investors with perpetual futures, traditional futures, and options trading services. Bitnomial CEO Luke Hoersten stated that the company is boldly advancing its mission to offer users a regulated and innovative trading experience through Botanical, providing an alternative to the currently widely used decentralized exchanges and VPN-based workarounds. Ripple CEO Brad Garlinghouse believes that Bitnomial's introduction of an offshore trading model into the US derivatives industry presents significant opportunities for establishing a compliant digital asset derivatives market (such as XRP). Bitnomial will utilize Ripple's RLUSD stablecoin for the settlement of perpetual futures.