Nov 6, 2024
6thTrade
VanEck has expanded its European investment products with the launch of a new Solana-based PYTH Exchange-Traded Note (ETN), allowing investors across Europe access to the Pyth Network without the need for direct cryptocurrency ownership. This ETN is listed on both Euronext Amsterdam and Euronext Paris, making it available in 15 European countries, including Austria, Switzerland, and Germany.
VanEck Introduces Solana-Powered PYTH ETN for European Investors
The PYTH ETN is designed to provide exposure to the Pyth Network, a decentralized oracle network that offers real-time financial data to blockchain platforms. By enabling investors to track the performance of PYTH without the challenges of managing digital assets, this ETN meets the growing demand in Europe for accessible blockchain technology investment options.
In a partnership with Liechtenstein-regulated Bank Frick, VanEck also ensures robust security for the assets backing the PYTH ETN, using secure cold storage solutions to guard against cyber threats. This latest offering builds on VanEck’s existing suite of crypto-focused ETNs, which includes Bitcoin and Ethereum, prioritizing investor protection while enhancing access to the crypto market.
VanEck’s Dual Strategy: PYTH ETN and New Venture Fund for Crypto and AI Innovation
Alongside the launch of the PYTH ETN, VanEck introduced VanEck Ventures, a $30 million venture fund dedicated to early-stage projects in cryptocurrency and artificial intelligence (AI). This fund is set to support projects aimed at advancing tokenized assets, decentralized finance, stablecoins, and next-generation payment systems. The fund plans to make 25-35 investments, with individual allocations ranging from $500,000 to $1 million.
The announcement of the PYTH ETN coincided with an uptick in Solana’s market performance, with its price rising to $168 and a 16.95% increase in trading volume, signaling growing market interest in Solana and related assets. This move underscores the strong investor appetite for innovative blockchain and digital asset technologies.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
