Catenaa, Friday, November 15, 2024 – VanEck has listed an exchange-traded note (ETN) in Europe that tracks the performance of PYTH, the native token of the Pyth Network, the company announced on November 5.
The VanEck Pyth ETN will be available for trading on Euronext Amsterdam and Euronext Paris, with access extended to investors across 15 European countries, including Germany, France, Switzerland, and Norway.
The Pyth Network is a decentralized oracle protocol that enables smart contracts to interact with off-chain data and communicate across blockchain networks. PYTH is the governance token of the network and boasts a fully diluted market capitalization of approximately $3.4 billion, according to CoinMarketCap.
Martijn Rozemuller, CEO of VanEck Europe, emphasized the growing significance of smart contracts in the financial world and the crucial role oracle networks play in bringing real-world use cases to blockchain technology. Rozemuller highlighted that the Pyth Network could become a pivotal infrastructure component for decentralized finance (DeFi) applications.
The VanEck Pyth ETN is fully collateralized with physical PYTH tokens, which are held by Bank Frick, a Liechtenstein-based custodian. The ETN is designed to track the performance of the MarketVector Pyth Network VWAP Close Index.
VanEck has introduced several cryptocurrency-related exchange-traded products in Europe, including Solana (SOL) and Chainlink (LINK) products. The company also launched two spot crypto exchange-traded funds (ETFs) in the United States, further expanding its crypto product offerings.
