Asset manager VanEck has launched a new ETN based on PYTH, specifically for European buyers. The Pyth network, a decentralized oracle protocol, has earned praise from VanEck for its potential to transform the DeFi landscape.
This launch follows several similar crypto-focused ventures by VanEck in recent months.
VanEck Launches PYTH ETN
According to a recent press release, asset manager VanEck is listing a new exchange-traded note (ETN) based on PYTH today. The Pyth network is a decentralized oracle protocol that uses PYTH as a network token. PYTH’s value has risen slightly since this announcement, bucking a decline this month, but there has not been a substantial price jump.
This new ETN is one of several recent crypto project investments by VanEck. Earlier in October, the firm launched a $30 million venture fund aimed at crypto startups and, just last week, partnered with Kiln to offer Solana staking.
Read more: What Is a Blockchain Oracle? An Introductory Guide
VanEck publicly stated that Pyth’s technical potential inspired its latest ETN offering. Listed on Euronext Paris and Euronext Amsterdam, the ETN is now available to investors. Although distinct from an ETF, it shares some similarities: its value is tied to PYTH, and VanEck secures the ETN’s underlying assets in cold storage.
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Author: Landon Manning
