Originally published on: November 05, 2024
VanEck recently unveiled an exchange-traded note (ETN) in Europe that tracks the performance of PYTH, the native token of Pyth Network. This move marks a significant expansion of the asset manager’s cryptocurrency offerings.
The VanEck Pyth ETN is now available for trading on Euronext Amsterdam and Euronext Paris, providing investors in 15 European countries, including Germany, France, Norway, and Switzerland, with access to this innovative product.
The Pyth Network is a decentralized oracle protocol that facilitates communication between smart contracts, offchain data, and various blockchain networks. PYTH, the network’s governance token, boasts an impressive fully diluted market capitalization of around $3.4 billion.
“With the growing importance of blockchain-based smart contracts in finance, oracle networks like Pyth are essential for real-world implementations,” commented Martijn Rozemuller, CEO of VanEck Europe. He believes that the Pyth Network has the potential to revolutionize decentralized finance applications.
The VanEck Pyth ETN is backed by physical PYTH tokens and designed to mirror the performance of the MarketVector Pyth Network VWAP Close Index. Custodied by Bank Frick in Liechtenstein, this ETN is fully collateralized and offers investors a secure way to gain exposure to the cryptocurrency market.
VanEck has been actively expanding its cryptocurrency product offerings across Europe and the United States. From Solana to Chainlink, the asset manager has launched a diverse range of digital asset products, including spot crypto exchange-traded funds (ETFs).
As the cryptocurrency market continues to evolve, regulatory approvals for ETFs and index funds remain crucial for broader adoption and investment opportunities in the space. Stay updated on the latest developments in blockchain and crypto with our Crypto Biz newsletter, delivering key business trends directly to your inbox every Thursday. Subscribe now to stay ahead of the curve!
