Crypto.com’s North American derivatives market, Nadex, has added derivative contracts tied to well-known memecoins like FLOKI and PEPE. According to documents filed with the U.S. Commodity Futures Trading Commission, this new service lets users control how much they invest in these volatile coins.
Nadex has also put up contracts for Dogelon Mars (ELON) and BONK, in addition to PEPE and FLOKI. This shows how popular these four memecoins are in the market, as their total market value is close to $7 billion. As of now, Nadex already had cryptocurrency swaps, such as products linked to Bitcoin and Ethereum. These new contracts will be added to those.
The new memecoin derivatives are what we call “touch bracket” contracts because they are meant to pay out if the price of a token hits a certain floor or cap before the contract ends. Nadex said that these contracts are very popular in markets that change a lot, like cryptocurrency, because their special structure makes it harder to cheat.
Crypto assets are becoming more popular on U.S. markets, and some of them, like the Chicago Mercantile Exchange, are adding more products to meet this demand. In 2023, Nadex said that more than 28 million contracts related to Bitcoin, Ethereum, and Litecoin were traded.
As the number of people interested in controlled bitcoin goods grows, exchanges like Nadex are adding more products to meet traders’ changing needs. With the addition of these variants of memecoin, Nadex hopes to give traders more choices in the volatile world of cryptocurrency.
