Originally published on: November 05, 2024
VanEck has recently launched an exchange-traded note (ETN) in Europe that tracks the performance of the PYTH token from the Pyth Network, making it more accessible to investors across the continent. This new VanEck Pyth ETN will be trading on Euronext Amsterdam and Euronext Paris, opening up investment opportunities for individuals in 15 European countries, including Germany, France, Norway, and Switzerland.
The Pyth Network is a decentralized oracle protocol that facilitates interaction between smart contracts and off-chain data, as well as communication with different blockchain networks. PYTH, being the governance token of the Pyth Network, boasts a fully diluted market capitalization of approximately $3.4 billion according to CoinMarketCap.
VanEck’s CEO in Europe, Martijn Rozemuller, highlighted the importance of oracle networks in enabling real-world applications for blockchain-based smart contracts. He also expressed confidence in the Pyth Network’s potential to become a vital component of decentralized finance application infrastructure.
This ETN is designed to mirror the performance of the MarketVector Pyth Network VWAP Close Index, being fully collateralized with physical PYTH tokens held by Bank Frick, a custodian based in Liechtenstein. VanEck has been actively expanding its portfolio of cryptocurrency products in Europe, with offerings ranging from Solana to Chainlink. In the United States, the company has also launched spot crypto exchange-traded funds (ETFs) focusing on Bitcoin and Ethereum.
As the crypto market continues to evolve, with ongoing regulatory discussions and the emergence of new investment opportunities, VanEck remains committed to providing innovative solutions for investors seeking exposure to digital assets. Stay tuned for more updates on the latest trends in blockchain and crypto by subscribing to our newsletter for valuable insights and market analysis every Thursday. Don’t miss out on the latest developments in this fast-paced industry!
