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VanEck launches PYTH ETP in Europe and expands investor exposure to the crypto market
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VanEck has just launched a new ETP (Exchange-Traded Product) that comes with Pyth Network’s PYTH token, listed on the Euronext exchanges in Amsterdam and Paris.
This product offers investors from 15 European countries, including Germany, France, Norway and Switzerland, the opportunity to access an innovative and rapidly expanding asset in the cryptocurrency market.
The launch of this ETP reflects VanEck’s strategy to expand its portfolio of crypto products in Europe, where it already has more than a dozen ETNs (Exchange-Traded Notes) options that track digital assets such as Solana and Chainlink.
The new ETP provides direct exposure to the PYTH token, which has a fully diluted market capitalization of approximately $3.4 billion. The asset is being held in custody by Bank Frick, in Liechtenstein, and has an administration fee of 1.5%.
Pyth Network
Pyth Network, a decentralized platform specializing in high-frequency data, offers a structure that allows smart contracts to interact with information external to the blockchain.
This network provides financial data sourced from major exchanges, trading firms and financial institutions, enabling a wide range of real-world applications. According to Martijn Rozemuller, CEO of VanEck Europe, “smart contracts are becoming increasingly important in the financial sector, and oracle networks are fundamental to enabling these applications”.
VanEck structures the PYTH ETP to track the MarketVector Pyth Network VWAP Close Index, providing investors with secure and transparent exposure to the performance of this token.
Bank Frick’s physical custody of PYTH tokens ensures that the asset is fully collateralized, providing greater confidence for investors seeking security in their crypto investments.
The PYTH token represents a significant innovation in the area of smart contracts and inter-blockchain communication, with its decentralized oracle model that allows it to connect blockchain networks to real-world data.
This system offers great potential for growth, as it addresses one of the biggest limitations of smart contracts: the need for reliable external data. By launching the PYTH ETP, VanEck strengthens its presence in Europe and expands opportunities for investors looking to explore the emerging digital asset market.
VanEck launches PYTH ETP in Europe and expands investor exposure to the crypto market
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VanEck launches PYTH ETP in Europe and expands investor exposure to the crypto market
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VanEck launches PYTH ETP in Europe and expands investor exposure to the crypto market
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VanEck launches PYTH ETP in Europe and expands investor exposure to the crypto market
