Originally published on: November 05, 2024
VanEck has recently added an exchange-traded note (ETN) in Europe that tracks the Pyth Network’s native token, PYTH. This exciting development was announced by the asset manager on November 5th.
The VanEck Pyth ETN will be traded on both Euronext Amsterdam and Euronext Paris, making it available to investors in 15 European countries, including major markets like Germany, France, Norway, and Switzerland.
For those unfamiliar, the Pyth Network is a decentralized oracle protocol that facilitates smart contracts’ interaction with off-chain data and communication with various blockchain networks.
PYTH, the governance token of the Pyth Network, boasts an impressive fully diluted market capitalization of around $3.4 billion according to CoinMarketCap.
Martijn Rozemuller, CEO of VanEck Europe, emphasized the growing significance of smart contracts based on blockchain technology in the financial sector and highlighted the pivotal role of oracle networks in enabling real-world applications for smart contracts. Rozemuller expressed confidence in the Pyth Network’s potential to become a vital component of decentralized finance infrastructure.
The VanEck Pyth ETN is structured as a debt instrument designed to mirror the performance of the MarketVector Pyth Network VWAP Close Index. It is backed by physical PYTH tokens held by Bank Frick, a custodian based in Lichtenstein.
This latest product launch adds to VanEck’s diverse portfolio of exchange-traded cryptocurrency products in Europe, covering digital assets such as Solana and Chainlink. Moreover, VanEck has introduced two spot crypto exchange-traded funds (ETFs) in the United States – the VanEck Bitcoin ETH (HODL) and the VanEck Ethereum ETF (ETHV).
As the crypto landscape continues to evolve, with regulatory approval often being a significant factor, it will be intriguing to see how this latest development from VanEck impacts the market. Stay tuned for more updates on the exciting world of blockchain and cryptocurrency.
