According to filings with the US Commodity Futures Trading Commission (CFTC) on October 7, Crypto.com’s derivatives exchange in North America, Nadex, has added derivatives contracts tied to popular memecoins like PEPE and FLOKI to its platform.
The exchange has also listed contracts for Dogelon Mars (ELON) and BONK, joining its existing suite of cryptocurrency derivatives products that include contracts for well-known tokens like Bitcoin and Ether.
The combined market value of the four memecoins associated with Nadex’s contracts is approximately $7 billion, according to CoinMarketCap.
These contracts, also known as “touch brackets,” serve as hedging tools with a payout if the token’s price reaches a predetermined threshold before the contract expires.
Nadex stated in the filing that these contracts are popular in volatile markets such as the cryptocurrency market and minimize the possibility of manipulation due to their unique structure.
