As a seasoned analyst with over two decades in the financial industry, I have witnessed the evolution of technology intersecting with finance like never before. The latest development – VanEck listing an ETN tracking PYTH, the native token of the Pyth Network, is yet another testament to this convergence.
As a cryptocurrency investor, I’m thrilled to learn that VanEck has introduced a European exchange-traded note (ETN) following the performance of the Pyth Network’s native token, PYTH. This news was announced on November 5th. The anticipation is building as we wait to see how this development could potentially impact the crypto market!
According to their statement, the VanEck Pyth Exchange-Traded Note (ETN) will be traded on both Euronext Amsterdam and Euronext Paris. This financial instrument will be accessible to investors residing in fifteen European nations, such as Germany, France, Norway, and Switzerland.
In simpler terms, the Pyth Network is a system that allows smart contracts to access and exchange data from outside sources (off-chain) and connect with other blockchain systems.
The PYTH token serves as the governing entity for the Pyth Network. As per CoinMarketCap, its fully diluted market cap is around $3.4 billion.
In the financial sector, the importance of smart contracts built on blockchain is growing as they offer multiple useful applications. According to Martijn Rozemuller, CEO of VanEck Europe, oracle networks are essential for bringing real-world functionality to these smart contracts.
According to Rozemuller, the Pyth Network could significantly contribute to the underlying framework of decentralized finance applications.
An ETN is a debt instrument designed to track the performance of the underlying asset.
The VanEck Pyth Exchange-Traded Note (ETN) has been constructed to mimic the performance of the MarketVector Pyth Network VWAP Close Index. In simpler terms, this ETN is intended to follow the same trends and patterns as the MarketVector Pyth Network VWAP Close Index.
The physical Pyth tokens that secure this investment are kept safely by the Liechtenstein-based custodian bank, Bank Frick, according to VanEck’s statement.
VanEck, as stated on their own site, has introduced over a dozen cryptocurrency investment options via exchange trading in Europe. These products span across various digital currencies such as Solana (SOL) and Chainlink (LINK).
Additionally, it has introduced two cryptocurrency exchange-traded funds (ETFs) in the U.S.: VanEck’s Bitcoin and Ethereum HODL Fund and VanEck’s Ethereum Fund (ETHV).
As a researcher studying the cryptocurrency market, I am closely watching the upcoming U.S. presidential election on November 5th. The outcome could potentially influence the approval or rejection of over a handful of planned cryptocurrency Exchange-Traded Funds (ETFs) that are currently awaiting regulatory clearance.
2024 saw a significant surge in regulatory submissions by asset managers aiming to launch ETFs that invest in various altcoins such as Solana (SOL), Ripple (XRP), and Litecoin (LTC), with several other digital currencies also included.
Providers are eagerly anticipating the go-ahead for a variety of proposed cryptocurrency index ETFs, which aim to collectively hold numerous types of digital assets.
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2024-11-05 18:49