VanEck has recently introduced a new exchange-traded note (ETN) in Europe that tracks the native token of the Pyth Network, PYTH. The VanEck Pyth ETN is now accessible on Euronext Amsterdam and Euronext Paris, allowing investors from 15 European countries to participate.

Martijn Rozemuller, CEO of VanEck Europe, emphasized the importance of oracle networks like Pyth in enabling smart contract functionality for real-world applications. He suggested that Pyth could have a significant role in the infrastructure of decentralized finance (DeFi).

The ETN is linked to the MarketVector Pyth Network VWAP Close Index and is fully backed by physical PYTH tokens held securely by Bank Frick, a custodian based in Liechtenstein. VanEck is expanding its offerings in the European market, offering a range of crypto exchange-traded products that include assets such as Solana and Chainlink. In the United States, the company has also launched spot crypto ETFs for Bitcoin and Ethereum. The status of several pending crypto ETF applications, including those for altcoins like Solana, XRP, and Litecoin, may be influenced by the upcoming U.S. presidential election.