VanEck will list the ETN on Euronext Amsterdam and Euronext Paris, making it available across 15 different countries.
In a November 5 announcement, VanEck shared that it has introduced an ETN in Europe that reflects the value of PYTH, the native token of the Pyth Network.
VanEck announced that its Pyth ETN will trade on the Euronext exchanges in Amsterdam and Paris, extending its availability to 15 European countries, including Germany, France, Norway, and Switzerland.
The Pyth Network, a decentralized oracle protocol, allows smart contracts to integrate with off-chain data and link with other blockchain networks.
PYTH, which serves as the governance token for the Pyth Network, has a fully diluted market cap of about $3.4 billion, according to data from CoinMarketCap.
“Smart contracts based on blockchain technology are gaining increasing significance in the financial world due to their numerous applications, and Oracle networks play a crucial role in enabling real-world use for smart contracts,” Martijn Rozemuller, VanEck Europe’s CEO, said in a statement.
The Pyth Network “has the potential to become a crucial part of [decentralized finance] application infrastructure,” Rozemuller added.
An ETN operates as a debt instrument that aims to replicate the value movement of its underlying asset.
VanEck designed the Pyth ETN to replicate the MarketVector Pyth Network VWAP Close Index, ensuring its performance aligns with it.
VanEck confirmed that it backs the ETN completely with physical PYTH tokens, and Bank Frick, a custodian based in Liechtenstein, holds them.
VanEck’s website shows that the company has introduced numerous exchange-traded cryptocurrency products across Europe, covering assets like Solana and Chainlink.
Check out: VanEck unveils a $30M fund blending crypto and AI innovation
VanEck has launched two spot cryptocurrency exchange-traded funds (ETFs) in the United States: VanEck Bitcoin ETH (HODL) and VanEck Ethereum ETF (ETHV).
The U.S. presidential election on Nov. 5 could determine the fate of more than a half dozen proposed crypto ETFs, which regulators have yet to approve.
In 2024, asset managers submitted regulatory filings to push for the approval of ETFs featuring altcoins like SOL, XRP, and Litecoin.
Issuers are waiting for approval of several crypto index ETFs designed to track diverse baskets of tokens.
