VanEck Launches a PYTH ETN in Europe

Asset management company VanEck is launching a new exchange-traded note (ETN) based on PYTH. PYTH is a network token used in the decentralized oracle protocol, Pyth Network.

Despite a decline in value this month, PYTH’s price has seen a slight increase after this announcement. This new ETN is just one of several crypto project investments made by VanEck.

In October, the firm introduced a $30 million venture fund for crypto startups, and last week, they partnered with Kiln to provide Solana staking services.

According to VanEck, Pyth’s impressive technical capabilities influenced their decision to offer this new ETN. It is now available to investors on Euronext Paris and Euronext Amsterdam.

While it is not exactly the same as an ETF, the ETN does share some characteristics, such as its reliance on the value of PYTH and its underlying assets being held in cold storage by VanEck.