Bitnomial

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Bitnomial
Bitnomial.png
Founded 2014
Headquarters 318 W Adams Chicago, IL 60606
Key People Luke Hoersten, Founder and CEO; Matthew Wraith, Director of Information Technology; Michael Dunn, Director of Market Operations & Surveillance
Products Digital asset derivatives exchange
Twitter @Bitnomial
Website Bitnomial Homepage
Blog Bitnomial Blog

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.[1]

History[edit]

Bitnomial was founded by Luke Hoersten], who drew inspiration from his experience on the FX desk of Allston Trading. Witnessing the market seeking safe havens amid economic turbulence, Hoersten recognized the need for a platform to navigate market dynamics and access problems.

In 2020, Bitnomial Exchange, LLC received designation as a contract market (DCM) from the US Commodity Futures Trading Commission (CFTC). This approval allowed Bitnomial to operate an exchange for margined and deliverable digital asset futures and options, marking a significant milestone as one of the first new exchanges to receive such approval.

Bitnomial Exchange, LLC launched its margined, physically settled bitcoin futures market in 2021, expanding its offerings in the digital asset trading space.

In 2022, Bitnomial Clearing, LLC obtained approval as a futures commission merchant (FCM) from the National Futures Association (NFA). This approval enabled Bitnomial Clearing to operate as a clearing firm for margined and deliverable digital asset futures and options, enhancing its capabilities in the derivatives market.

Bitnomial Clearinghouse, LLC achieved registration as a derivatives clearing organization (DCO) from the US Commodity Futures Trading Commission (CFTC) in 2023. This milestone made Bitnomial the first crypto-native exchange to be granted the full set of CFTC derivatives licenses.[2]

Initially, Bitnomial was clearing through MGEX.[3]

Funding[edit]

In 2018, the firm raised $7.5 million in equity funding amid plans to be come a futures exchange and when it first applied to the CFTC.[4] Investors included Jump Capital, Coinbase Ventures, Digital Currency Group, RRE Ventures, and ValueStream Ventures.[5]

Products[edit]

  • Bitcoin US Dollar Futures[6]
  • Deci Bitcoin US Dollar Futures

References[edit]