The SUI Network is in the spotlight as investment firm VanEck launches the SUI ETN product in Europe. This ETN is now available on major European exchanges, including Euronext Amsterdam and Euronext Paris.
What the VanEck SUI ETN Product Offers
The VanEck SUI ETN allows investors to gain exposure to the SUI blockchain. This ETN makes it easier for people to invest without buying, storing, or securing the coin.
It works like an exchange-traded fund (ETF) but is tailored for digital tokens. This will let investors take advantage of price changes in SUI by trading a regulated product on regular stock exchanges.
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Notably, the VanEck SUI ETN is fully backed by the underlying assets. Each share corresponds to a specific amount of SUI tokens, creating a clear connection between the ETN’s value and the asset.
VanEck’s method protects investors from extra credit risk because the ETN’s value changes with the real-time market performance of SUI.
The VanEck SUI ETN uses Bank Frick as its custodian. Bank Frick is based in Liechtenstein and is regulated within the European Economic Area (EEA).
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The bank provides a high level of security for holding the SUI tokens. This means that investors can engage in the cryptocurrency market with less worries about the safety of their assets.
This makes it an attractive option for institutional and retail investors with security concerns. VanEck’s decision to launch the SUI ETN will further help bridge the gap between the traditional financial market and crypto.
Undoubtedly, VanEck’s move could lead to similar products for other blockchain projects in the future. As revealed, the VanEck SUI ETN is available in 15 European countries.
SUI Price and Bull Cycle
With bullish momentum, the SUI price reached $3.29 in early trading hours on November 11. As of this writing, it has reached an ATH of $3.34.
To achieve this feat, the coin soared by more than 7.7% in the past 24 hours. Overall, renowned analyst CryptoJack on X projects SUI’s growth outlook as promising.
According to the analyst, SUI might explode to new levels that the asset has not attained. CryptoJack’s insight suggests that SUI’s momentum is strong, signaling a likely upward trajectory.
Although market volatility has seen it drop a few cents, the assets remain resilient. This phase is part of the coin’s growth trajectory that saw it climb from an all-time low of $0.3643, registered on October 19, 2023.
Its recent rebound has helped place it alongside other high-performing altcoins.
VanEck PYTH ETN Offering in the EU
The investment management firm is keen on launching several crypto products in Europe. Some weeks ago, VanEck launched a new ETN tracking the Solana-based Pyth token.
As reported, VanEck’s launch of the PYTH ETN is geared toward attracting institutional and retail investors to Solana. The PYTH ETN empowered investors to bet on the token’s growth through regulated financial products.
It also allows investors to benefit from PYTH’s price changes and network activity without managing a digital wallet. Furthermore, this move supports VanEck’s goal of providing various crypto investment choices and strengthening Solana’s role in the industry.
Ultimately, the launch of the PYTH ETN could boost SOL by increasing awareness and demand for Solana-based solutions in Europe.
