VanEck has recently launched an exchange-traded note (ETN) in Europe that is in accordance with the Pyth Network’s native token, PYTH, as previously announced on November 5.
Investors in fifteen different European countries, including Germany, France, Norway, and Switzerland, are able to have access to this new VanEck Pyth ETN, which is offered on both Euronext Amsterdam and Euronext Paris.
VanEck Europe’s CEO, Martijn Rozemuller, underscored the significance of oracle networks such as Pyth in facilitating the functionality of smart contracts in practical applications. Rozemuller regards Pyth as potentially essential to the infrastructure of decentralized finance (DeFi).
In addition to being completely backed by genuine PYTH tokens, which are safely kept by the custodian Bank Frick, which is domiciled in Liechtenstein, the VanEck Pyth ETN is aligned with the MarketVector Pyth Network VWAP Close Index.
VanEck provides cryptocurrency exchange-traded products that cover assets such as Solana and Chainlink. The company has over a dozen of these products available throughout Europe. It has introduced spot cryptocurrency exchange-traded funds (ETFs) for Bitcoin and Ethereum in the United States.
In the meanwhile, the forthcoming presidential election in the United States may have an effect on the outcome of a number of crypto exchange-traded fund (ETF) applications that are now pending. These applications include those that are seeking to launch ETFs that own alternative cryptocurrencies like Solana, XRP, and Litecoin.
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