The Nasdaq-listed digital property monetary companies firm Eqonex has launched a brand new kind of Bitcoin (BTC) funding product, a BTC dated futures contract with a physical settlement.
Saying the information on Wednesday, Eqonex defined that its BTC dated futures are denominated within the USD Coin (USDC) stablecoin and improve in parallel with the BTC value improve in opposition to USDC.
In distinction to perpetual futures, which don’t have any maturity restrict, dated futures expire at a pre-set date and time-frame like every month or every quarter, Eqonex famous. “Any position in a perpetual future stays open until the trader decides to close the trade by executing an offsetting trade, or until the trade gets liquidated by Eqonex,” the agency added.
In accordance with the announcement, the Eqonex BTC dated futures contract expires at 08:00 UTC on the ultimate Friday of the expiry month, with physical settlement occurring robotically on the expiry date. Customers can commerce the brand new BTC futures contract with leverage.
Eqonex additionally expects to introduce dated futures for added cryptocurrencies together with Ether (ETH) “in the coming months.”
Eqonex’s interim CEO Andrew Eldon identified that there’s nonetheless a “gap in the exchange marketplace to better serve traders who are looking for safe access to products and strategies from traditional finance to exploit and hedge against the volatility of crypto market trading.”
“We are removing the barriers to entry by delivering a regulated crypto exchange, and by adding institutional-grade products to our customers’ toolkits,” Eldon stated.
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The information comes quickly after Eqonex introduced that it was engaged in strategic discussions with third events together with the analysis of merger or takeover choices in December 2021. The information got here in conjunction with the agency appointing Eldon as interim CEO, changing former CEO Richard Byworth.