 | Bitnomial  |
Bitnomial is a U.S.-based regulated cryptocurrency exchange offering futures and options trading for Bitcoin and other digital assets. It provides physically settled contracts, allowing traders to receive Bitcoin upon contract expiration.
Funding Round: $25M
Series B Round: $11.6M
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What is Bitnomial
Bitnomial is a financial services company specializing in digital asset futures and options trading. Founded in 2014, the company offers a CFTC registered futures exchange, futures commission merchant and clearing house. Bitnomial was approved by the U.S. Commodity Futures Trading Commission (CFTC) as a futures exchange, or designated contract market, on April 17, 2020.
Bitnomial Exchange self-certified XRP Futures with the CFTC on August 9, 2024. The SEC subsequently contacted Bitnomial Exchange about the contract, contending that the derivative is a security future, and that the SEC has joint jurisdiction over it. Bitnomial filed suit against the SEC on October 10, 2024, calling the SEC's assertion of jurisdiction of the product "overreach."
Bitnomial announced on October 15, 2024 that it would launch a new US perpetual futures trading platform called Botanical. The launch announcement followed Bitnomial's successful $25 million funding round, led by Ripple, with whom Bitnomial is entering into a strategic partnership; also, Ripple CEO Brad Garlinghouse will join Bitnomial's board. Bitnomial said Botanical would provide an alternative to DEXes and VPN-based workarounds common in perpetual trading.
Bitnomial Roadmap
Founding: On the FX desk of Allston Trading, Luke witnessed first-hand as the markets sought a safe haven from global economic uncertainty. Investors piled into the Swiss Franc causing its value to soar and impair Swiss exports. The Franc-Euro peg and subsequent unpeg caused even further economic turmoil. Bitnomial was founded to solve market dynamics and access problems.
CFTC Approval: Bitnomial Exchange, LLC was designated as a contract market (DCM) by the US Commodity Futures Trading Commission (CFTC) to operate an exchange for margined and deliverable digital asset futures and options, a first for new exchanges.
Launch: Bitnomial Exchange, LLC launched their margined, physically settled bitcoin futures market.
FCM: Bitnomial Clearing, LLC becomes a registered member of the National Futures Association (NFA) as a Futures Commission Merchant (FCM) for margined and deliverable digital asset futures and options.
CFTC Approval: Bitnomial Clearinghouse, LLC was registered as a derivatives clearing organization (DCO) by the US Commodity Futures Trading Commission (CFTC) to operate a clearinghouse for margined and deliverable digital asset futures and options, becoming the first crypto-native exchange to be granted the full set of CFTC derivatives licenses
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