Bitnomial is the first crypto-native US firm to hold all three CFTC licenses required for a full-stack derivatives business — a designated contract market, a derivatives clearing organization, and a futures commission merchant — giving Payward the infrastructure to run an exchange, clear trades, and offer brokerage services inside one regulated framework.The deal follows Deutsche Börse’s $200 million investment for a 1.5% stake in Payward and builds on Payward’s $1.5 billion NinjaTrader acquisition in 2025, completing regulated derivatives coverage across the US, UK, and EU.Payward Co-CEO Arjun Sethi said the company is “adding the infrastructure layer that makes the next generation of US derivatives possible,” framing the acquisition as foundational infrastructure rather than a traditional company purchase.