- VanEck has launched PYTH ETN on Euronext Amsterdam and Paris for 15 EU countries.
- The PYTH ETN tracks the Pyth token, held in custody by Bank Frick for full collateral.
- VanEck aims to expand DeFi access, adding PYTH ETN to its crypto investment options.
VanEck, a global asset manager known for its investment products in the digital asset space, has launched an exchange-traded note (ETN) in Europe that tracks the Pyth Network’s native token, PYTH.
The VanEck Pyth ETN now trades on Euronext Amsterdam and Euronext Paris and is available to investors in 15 European countries, including major markets such as Germany, France, Norway, and Switzerland.
The ETN is fully collateralized with PYTH tokens, held by the Liechtenstein-based Bank Frick, and is designed to align with the MarketVector Pyth Network VWAP Close Index, ensuring it mirrors the performance of the Pyth token.
The Pyth Network itself is an innovative decentralized oracle protocol that connects smart contracts to real-world data sources, bridging the gap between blockchain-based applications and external data.
Oracles like the Pyth Network are essential in decentralized finance (DeFi) because they enable smart contracts to access off-chain information and communicate with other blockchain networks. This capability has become increasingly relevant, especially as DeFi applications gain traction globally.
PYTH, the governance token of the Pyth Network, boasts a fully diluted market cap of approximately $3.4 billion, further underscoring its significance in the crypto ecosystem.
Martijn Rozemuller, CEO of VanEck Europe, highlighted the potential of oracles like the Pyth Network to serve as a foundational infrastructure for DeFi applications. Rozemuller remarked that as smart contracts find new applications within finance, oracle networks become crucial in enabling real-world use cases for this technology.
By listing the PYTH ETN, VanEck provides European investors with more options to gain exposure to cutting-edge blockchain assets.
VanEck’s crypto investment products in the US and Europe
VanEck has a strong track record of pioneering crypto investment products in Europe.
In addition to the PYTH ETN, VanEck has launched over a dozen digital asset ETNs across a diverse range of cryptocurrencies, including Solana and Chainlink.
In the United States, VanEck has also introduced two spot crypto exchange-traded funds (ETFs) focused on Bitcoin and Ethereum while filing for additional ETF approvals covering various altcoins like Solana, XRP, and Litecoin.
With this latest addition, VanEck continues its commitment to expanding investor access to innovative blockchain technologies and supporting the growing adoption of decentralized financial infrastructure.
