Eqonex has unveiled a new type of Bitcoin (BTC) investment product, a BTC dated futures contract with a physical settlement, according to a report by PR Newswire on Wednesday.
Eqonex explained that its BTC dated futures will be transacted in the USD Coin (USDC) and grow in parallel with the BTC price increase against USDC.
Unlike perpetual futures without maturity limits, dated futures will expire at a pre-determined date and time frame, such as each month or each quarter.
Eqonex stated that any position in the perpetual futures stay open until the trader makes the decision to close the trade by offsetting trade or until the trade is liquidated by the firm.
The announcement revealed that the Eqonex BTC dated futures contract will expire at 08:00 UTC on the last Friday of the expiry month, with physical settlement happening automatically on the expiry date.
Eqonex also anticipates introducing dated futures for extra cryptocurrencies including Ether (ETH) in the upcoming months. BTC USD down -0.03%