Asset administration and exchange-traded fund (ETF) issuer VanEck has launched a brand new institutional product primarily based on layer-1 blockchain Sui (SUI).
In a press launch, VanEck says it’s increasing its choices with a brand new exchange-traded observe (ETN) that permits traders to take part within the growth of SUI with out having to straight maintain the token.
The brand new product will commerce on the Euronext Amsterdam and Euronext Paris inventory exchanges beginning Wednesday morning.
Says Menno Martens, Crypto Product Supervisor at VanEck Europe,
“In our view, this community has robust development potential, as a result of its constantly low transaction prices make it an actual different to older blockchains. The VanEck Sui ETN offers traders the chance to take part within the growth of this promising blockchain community in an exchange-traded and relatively easy manner.”
Martijn Rozemuller, CEO at VanEck Europe, says that Sui’s velocity and ease give the chain a capability to behave as a “type of bridge between the Web2 and the decentralized Web3.”
As described by VanEck’s product overview web page,
“Expertise the velocity and scalability of next-generation blockchain expertise. Sui gives immediate finality and parallel transaction processing, paving the best way for extra responsive and user-friendly decentralized functions. The VanEck Sui ETN is a fully-collateralized alternate traded observe that invests within the SUI Token.”
Matthew Sigel, the agency’s head of digital belongings, additionally confirmed the launch of the brand new product on the social media platform.
SUI hit an all-time excessive of $3.44 early on Wednesday across the similar time that the ETN went stay.
At time of writing, SUI is buying and selling for $3.34.
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