Hyperliquid plans US entry using Kraken’s Bitnomial licenses: CoinDesk

Kraken logo (Wikimedia Commons, public domain) Hyperliquid, a decentralized perpetuals platform, plans to enter the U.S. market by leveraging Kraken’s Bitnomial licenses, according to CoinDesk. This strategic move involves collaborating with Payward, Kraken’s parent company, to utilize Bitnomial’s CFTC-regulated exchange infrastructure. The proposal, reportedly submitted to the Commodity Futures Trading Commission for review, would allow U.S. market participants to access a limited selection of Hyperliquid’s perpetual futures. This development marks Hyperliquid’s first formal entry into the U.S. market, though its full offshore application remains geoblocked for American users. Key Takeaways Hyperliquid’s strategy to enter the U.S. market appears to leverage Kraken’s established regulatory footprint. Market pricing suggests participants are moderately optimistic about Hyperliquid reaching significant price milestones by year-end. The move could indicate a growing trend of crypto platforms seeking regulated U.S. market participation. What to Watch The outcome of the CFTC’s review of Hyperliquid’s proposal will be crucial in determining the platform’s ability to operate in the U.S. m...