VanEck asset management company has launched a new PYTH ETN product, extending its European offerings with a focus on the Solana-backed Pyth Network. This new product, listed on Euronext Amsterdam and Euronext Paris, aims to provide investors across 15 European countries with exposure to PYTH without requiring direct cryptocurrency holdings.
VanEck Rolls Out Solana-Powered PYTH ETN Across 15 European Countries
In a recent announcement, VanEck introduced the PYTH ETN to expand European access to the Pyth Network, a platform focused on delivering real-time financial data to blockchain systems. Listed on Euronext Amsterdam and Euronext Paris, this Exchange-Traded Note (ETN) allows investors from 15 European countries, including Austria, Switzerland, and Germany, to participate in the performance of PYTH without directly owning cryptocurrency.
The firm’s approach with this ETN will simplify crypto investments for traditional investors. These investors do not want to deal with the processes of purchasing, safekeeping, and protection of the tokens. More so, VanEck is responding to the increasing demand for the blockchain technology in Europe. It will leverage Solana-backed Pyth Network as a provider of high-quality first-party data sources.
Additionally, the investment firm incorporated secure storage solutions to manage the assets backing the PYTH ETN. In collaboration with Bank Frick, a Liechtenstein-regulated financial institution, VanEck ensures that all assets supporting the ETN are held in cold storage. This offline approach to asset management will protect investor funds against potential cyber threats.
The PYTH ETN follows the firm’s successful launch of similar products, including BTC and ETH ETNs. These products have consistently prioritized investor security while providing exposure to the evolving crypto market.
Focus on Crypto and AI Innovation
In parallel with the PYTH ETN launch, wealth manager recently established a venture fund, VanEck Ventures, to back innovative projects in the crypto and AI sectors. The $30 million fund is aimed at early-stage fintech and digital asset companies. It will promote stablecoin technologies, cross-border payments, and advanced blockchain solutions.
The asset manager’s dual strategy combines new investment products like the PYTH ETN with funding for blockchain startups. This approach highlights its commitment to advancing crypto and blockchain technology in a fast-evolving market.
Following the recent announcement, Solana (SOL) price saw a slight rally, reaching $168 with a 4% increase in the past 24 hours. The trading volume surged as well, jumping by 16.95% to $3.08 billion, indicating heightened market interest.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply