Join Our Telegram channel to stay up to date on breaking news coverage
Eqonex, a digital asset financial services company listed at NASDAQ, has announced the launch of a new Bitcoin (BTC) investment product. The product will be a Bitcoin dated futures contract with the physical settlement.
Eqonex announced the launch of this product on Wednesday. It noted that the product would be denominated in USD Coin (USDC), and it will be subject to the price movements in the cryptocurrency market.
Eqonex launches Bitcoin dated futures
The futures contract will have different features to the perpetual futures offered by the platform with no maturity limit. The dated futures will expire at a pre-determined date and time. The expiry can be on a monthly or quarterly basis.
The announcement notes, “This latest launch by EQONEX follows the introduction of Cross Collateral functionality, Ethereum (ETH) Perpetual Futures, and BTC Perpetual Futures in 2021. Dates Futures for additional cryptocurrencies including ETH will also be available on EQONEX in the coming months.”
The platform also added that the Eqonex BTC dated futures contract will expire at 08.00 UTC on the last Friday of the expiry month. Physical settlement for the futures contracts will happen automatically after the expiration date. Moreover, users will have an option to trade the new Bitcoin futures contract using leverage.
The interim CEO of Eqonex, Andrew Eldon, started that it was filling an existing gap in the market to allow traders that want to use the stability and strategies of the traditional financial market to hedge against the volatility of the cryptocurrency market. Therefore, Eqonex was getting rid of barriers to entry by offering a regulated crypto platform and integrating institutional-grade products with customers.
“We have been very deliberate in building a business that sits at the intersection of traditional finance and the future of finance. Those who already understand the merits of basis trading will be particularly appreciative of this product launch, but we are also providing educational resources to help those wanting to learn how to broaden their trading approaches for risk management or to capture yield,” Eldon added.
Eqonex focuses on strategic changes
The launch of this product came barely two months after the firm announced that it was taking some strategic steps that would transform its operations. It stated that its Board of Directors was engaged in a review of the strategic direction that would be taken by the firm.
One of the changes made to realize this was removing the former CEO, Richard Byworth, who was replaced by the current interim CEO, Eldon. The board also added that it engaged in strategic talks with third parties on mergers and takeover options.
At the time, Eqonex’s CEO, Chi-Won Yoon, stated, “we are actively progressing strategic opportunities we believe will be transformational to our business. Andrew has a clear understanding of our mission and will bring considerable energy and experience to his expanded role. Andrew’s focus in the short-term will be on operational execution, ensuring Eqonex delivers on existing plans and maximizes current opportunities.”
Your capital is at risk.
Read more:
Join Our Telegram channel to stay up to date on breaking news coverage
