VanEck, one of the first asset manager in the U.S. that offered international markets to its users, has made significant step to make it easier for the people to invest in the booming world of cryptocurrency. The firm has launched the VanEck Pyth Exchange Traded Note (ETN) which will simplify access to the Pyth Network on Solana Blockchain Technology and enable easy investment for the users.
Asset management company VanEck has listed the VanEck Pyth exchange-traded note (ETN), on Euronext Amsterdam and Euronext Paris today. Pyth is the oracle on Solana. Previously, VanEck launched Solana ETN in the European market. https://t.co/onyB5bUhCk
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According to the press release, this initiative has been listed on major Amsterdam and Paris stock exchanges. This step will allow the users and investors to tap into PYTH’s potential without directly handling the cryptocurrency.
What is Pyth Network?
The Pyth Network, built on Solana’s performance blockchain, bridges real world data with blockchain smart contracts. These agreements are automated and hence will only work when specific conditions are met. As the Pyth Network provides the real-time data for these contracts to work properly it fuels decentralized finance (DeFi) and insurance. Since this network is built on Solana blockchain, the collaboration enables, fast and secure data feeds, and low latency transactions.
VanEck Provides Investor with Opportunities
Martijn Rozemuller, CEO of VanEck Europe, explained “Smart contracts based on blockchain technology are gaining increasing significance in the financial world due to their numerous applications, and oracle networks on Solana blockchain play a crucial role in enabling real-world use for smart contracts. With our Pyth ETN, investors have the opportunity to participate in the development of network such as Pyth Network, which has the potential to become a crucial part of DeFi application infrastructure.”
The investing firm’s Pyth ETN tracks the value of the PYTH token on Solana. It is a secure investment because it uses a trusted custodian, Bank Frick in Liechtenstein, to store the assets in a very safe way known as the “cold storage.” However, because it involves cryptocurrency, the value of the investment can surge or dip frequently.
People in Germany, France and Switzerland can now buy and sell ETN just like their regular stock, leveraging, Solana’s 65000+ transactions per block, Pyth Network’s real-time data feeds and VanEck’s trusted investment expertise. This will make investing in crypto super easy and familiar to traditional investors.
Also Read: November First Week Sees Bitcoin & Ethereum ETFs Outflow Surge
Source: https://www.cryptonewsz.com/vaneck-launches-pyth-network-etn-on-solana/