VanEck has recently launched an exchange-traded note (ETN) in Europe that tracks the performance of the Pyth Network's native token, PYTH.
The Pyth Network operates as a decentralized oracle protocol, facilitating smart contract interaction with off-chain data and enabling communication between different blockchain networks.
The VanEck Pyth ETN is designed to mirror the performance of the MarketVector Pyth Network VWAP Close Index and is fully collateralized with physical PYTH tokens held by Bank Frick.
VanEck has established itself as a pioneer in the European cryptocurrency market, offering various exchange-traded products covering digital assets.
The launch of the VanEck Pyth ETN reflects the increasing acceptance of digital assets and DeFi solutions by traditional financial institutions. It also highlights the growing demand for structured investment products in the cryptocurrency market.