VanEck Expands Its Crypto ETN Offerings in Europe with the Launch of the VanEck Pyth ETN
- DDDOriginal
- 2024-11-07 15:52:20223browse
The VanEck Pyth ETN is listed on Euronext Amsterdam and Euronext Paris and is available to investors in 15 European countries.
VanEck has launched a new Exchange Traded Note (ETN) that tracks the MarketVector Pyth Network VWAP Close Index, providing investors with a cost-efficient and regulated way to gain exposure to the Pyth Network.
The VanEck Pyth ETN is now available to investors on Euronext Amsterdam and Euronext Paris, catering to 15 European markets, including Germany, France, Norway, and Switzerland. This launch aligns with VanEck's broader strategy to expand its presence in the European crypto ETN market, having launched over a dozen products covering various digital assets, such as Solana and Chainlink.
Martijn Rozemuller, VanEck Europe CEO, highlights the growing importance of smart contracts in finance and the crucial role of oracles in this context.
The Pyth Network is a decentralized oracle protocol that enables smart contracts to interact with off-chain data and cross-chain with other blockchain networks. Specializing in high-frequency data, Pyth Network sources directly from exchanges, trading firms, and financial institutions to ensure accuracy and reliability.
The network provides real-time market data for cryptocurrencies, equities, forex, ETFs, and commodities, filling a critical gap in the decentralized finance (DeFi) space. Its low-latency price feeds enhance the functionality and security of smart contracts, facilitating the offering of more complex financial services on the blockchain.
The VanEck Pyth ETN is fully backed by physical PYTH tokens, which are held in custody by Bank Frick in Liechtenstein. The ETN tracks the MarketVector Pyth Network VWAP Close Index, ensuring that the ETN's performance corresponds to the underlying index. With a total expense ratio of 1.5%, the ETN offers a cost-effective way for investors to gain exposure to the Pyth Network.
The Pyth Network's native token, PYTH, has a fully diluted market cap of around $3.4bn, making it a significant player in the crypto space. This ETN provides European investors with a regulated and accessible way to participate in the network and the broader DeFi landscape.
VanEck's launch of the Pyth ETN further demonstrates its commitment to innovation and growth in the digital asset space. This launch follows VanEck's introduction of two spot crypto ETFs in the US: the VanEck Bitcoin ETF (HODL) and the VanEck Ethereum ETF (ETHV), which provide investors with direct exposure to the top cryptos.
As an asset management pioneer in the crypto investment solutions space, VanEck continues to expand its digital asset portfolio, offering investors a wide range of opportunities in the fast-moving crypto space. Its strategic moves showcase a deep understanding of the power of blockchain and its applications in finance.
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