VanEck has listed a European exchange-traded security (ETN) that tracks the performance of PYTH, the native token of the Pyth Network, the asset manager said on November 5.
The VanEck Pyth ETN will trade on Euronext Amsterdam and Euronext Paris, the asset manager said. It is available to investors in 15 European countries, including Germany, France, Norway and Switzerland.
The Pyth network is a decentralized oracle protocol designed to allow smart contracts to interact with off-chain data and communicate with other blockchain networks.
PYTH is the governance token of the Pyth Network. Its fully diluted market capitalization is about $3.4 billion, according to CoinMarketCap.
“Smart contracts based on blockchain technology are becoming increasingly important in the financial world due to their numerous applications, and oracle networks play an important role in enabling the practical use of smart contracts,” Martijn Rozemuller, CEO of VanEck Europe, said in a statement. “He said. .
Pyth Network “has the potential to become an important part of the (decentralized finance) application infrastructure,” Rozemuller added.
source: CoinMarketCap
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ETNs are debt instruments designed to track the performance of underlying assets.
The VanEck Pyth ETN is designed to operate according to the MarketVector Pyth Network VWAP Close Index.
VanEck said it is fully collateralized by physical PYTH tokens held by Liechtenstein-based custodian Bank Frick.
According to VanEck’s website, VanEck has launched more than a dozen exchange-traded cryptocurrency products in Europe, covering digital assets ranging from Solana (SOL) to Chainlink (LINK).
It also launched two spot cryptocurrency exchange-traded funds (ETFs) in the United States: VanEck Bitcoin ETH (HODL) and VanEck Ethereum ETF (ETHV).
The US presidential election on November 5 may decide the fate of more than half a dozen cryptocurrency ETF proposals awaiting approval from regulators.
In 2024, asset managers have filed numerous regulatory filings to list ETFs that hold altcoins, including SOL, XRP (XRP), Litecoin (LTC), and others.
Issuers are also awaiting approval for several cryptocurrency index ETFs designed to hold a diverse basket of tokens.
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