VanEck Expands European Reach With Solana’s PYTH ETN Product
Highlights
- VanEck launches PYTH ETN on Euronext Amsterdam and Paris, expanding access to Pyth token in Europe.
- PYTH ETN enables investors in 15 European countries to gain exposure to Pyth Network without direct crypto holdings.
- VanEck launched a new venture fund, VanEck Ventures, focused on crypto and AI startups.
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.
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