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    VanEck launches new Pyth Network ETN on European exchanges

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    VanEck has rolled out a new tradeable note, VanEck Pyth ETN, in Europe. It tracks the value of the Pyth Network’s PYTH token and is available on Euronext Amsterdam and Euronext Paris. The Pyth Network, a decentralised system allowing smart contracts to connect with and communicate with off-chain data, supports functions for Oracle networks. VanEck Europe’s head, Martijn Rozemuller, sees potential for the Pyth Network to be significant within decentralised finance. The VanEck Pyth ETN mirrors the MarketVector Pyth Network VWAP Close Index and is entirely backed by PYTH tokens.

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    VanEck has introduced a new tradeable note in Europe that follows the value of the Pyth Network’s native token, PYTH. The new product, called the VanEck Pyth ETN, will be available on the Euronext Amsterdam and Euronext Paris exchanges. It’ll be open to investors in 15 different countries across Europe, including the likes of Germany, France, Norway, and Switzerland.

    In simple terms, the Pyth Network is a decentralized system that lets smart contracts (computer programs that run on the blockchain) connect with data outside of their blockchain and communicate with other blockchains. The PYTH token is the currency used to run this system. Based on figures from CoinMarketCap, it’s quite popular and has a total market value of around $3.4 billion.

    According to Martijn Rozemuller, the big boss at VanEck Europe, smart contracts are getting a lot of attention in the financial world since they’re incredibly useful for a whole range of things. Oracle networks, like the Pyth Network, are really important for allowing real-world uses for smart contracts. He also added that the Pyth Network has the chance to become a big part of the infrastructure for decentralized finance apps.

    An ETN, or Exchange-Traded Note, is a type of investment product that follows the value of an underlying asset. In this case, the value of the VanEck Pyth ETN is intended to mimic the MarketVector Pyth Network VWAP Close Index. It’s fully backed up with actual PYTH tokens.

    VanEck has launched a bunch of similar products in Europe that track different cryptocurrencies, including Solana (SOL) and Chainlink (LINK). Over in the United States, it offers two exchange-traded funds that invest in cryptocurrencies themselves – the VanEck Bitcoin ETH (HODL) and the VanEck Ethereum ETF (ETHV).

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