Originally published on: November 05, 2024
VanEck has recently introduced a new exchange-traded note (ETN) in Europe that tracks the performance of the PYTH token from the innovative Pyth Network. This exciting development opens up doors for investors in 15 European countries, including Germany, France, Norway, and Switzerland, as the VanEck Pyth ETN begins trading on Euronext Amsterdam and Euronext Paris.
The Pyth Network stands out as a decentralized oracle protocol that facilitates smart contracts to engage with offchain data and connect with various blockchain networks. Its governance token, PYTH, has garnered a fully diluted market capitalization worth around $3.4 billion, making it a notable player in the digital asset space.
According to Martijn Rozemuller, CEO of VanEck Europe, the rising importance of smart contracts in finance underscores the significance of oracle networks in enabling practical applications for smart contracts. He believes that the Pyth Network has the potential to become a cornerstone of decentralized finance (DeFi) application infrastructure.
The VanEck Pyth ETN is structured to mirror the MarketVector Pyth Network VWAP Close Index, ensuring investors can participate in the asset’s performance. Fully collateralized with physical PYTH tokens held by Bank Frick in Liechtenstein, this ETN provides a secure and reliable investment opportunity for those seeking exposure to digital assets.
VanEck’s commitment to digital assets extends beyond this latest offering, with a diverse range of exchange-traded cryptocurrency products available in Europe, covering assets like Solana and Chainlink. In the United States, VanEck has also launched spot crypto exchange-traded funds (ETFs) for Bitcoin and Ethereum, further solidifying its position in the evolving digital asset landscape.
As the market eagerly awaits regulatory decisions surrounding proposed crypto ETFs, including those featuring altcoins like SOL, XRP, and Litecoin, the landscape for digital asset investments continues to evolve. Stay informed with our weekly Crypto Biz newsletter, offering valuable insights and trends to help you navigate the exciting world of blockchain and crypto. Subscribe today to stay ahead of the curve and seize new investment opportunities.
