Key Takeaways:
- VanEck has launched a new ETN in Europe that tracks the Pyth Network’s token, PYTH, available across 15 European markets on Euronext Amsterdam and Paris.
- The Pyth Network is a decentralized oracle service providing off-chain data to smart contracts, making it essential to decentralized finance infrastructure.
- The VanEck Pyth ETN is fully collateralized with PYTH tokens and tracks the MarketVector Pyth Network VWAP Close Index, marking VanEck’s continued expansion in European crypto products.
VanEck has launched an exchange-traded note (ETN) in Europe that tracks the Pyth Network’s native token, PYTH, allowing investors across 15 European countries to gain exposure to PYTH’s performance.
The ETN is listed on Euronext Amsterdam and Paris, broadening access to decentralized finance (DeFi) infrastructure.
VanEck Expands Crypto Offering with Pyth Network
— VanEck Europe (@vaneck_eu) November 5, 2024
Read press release: https://t.co/M1fSADAf1h
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The Pyth Network is a decentralized oracle protocol that connects blockchain-based smart contracts to real-world, off-chain data, which is crucial for various DeFi applications.
PYTH, the governance token of the Pyth Network, has a fully diluted market cap of approximately $3.4 billion.
BREAKING: @vaneck_eu IS LISTING ITS @PythNetwork ETN ON @euronext AMSTERDAM AND PARIS TODAY pic.twitter.com/8SQcEcPlsg
— DEGEN NEWS (@DegenerateNews) November 5, 2024
According to Martijn Rozemuller, CEO of VanEck Europe, smart contracts are becoming essential in finance, with oracle networks like Pyth providing critical data connections.
The VanEck Pyth ETN will track the MarketVector Pyth Network VWAP Close Index and is fully backed by PYTH tokens, secured by Bank Frick in Lichtenstein.
VanEck has already introduced various crypto exchange-traded products in Europe, including assets like Solana and Chainlink.
In the U.S., it offers Bitcoin and Ethereum spot ETFs, as regulators consider approval for additional crypto ETFs, including those tracking altcoins like SOL, XRP, and Litecoin, amid growing interest in crypto-backed investment products.
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