VanEck Europe launched a brand new exchange-traded observe (ETN) primarily based on SUI at this time. This product is out there in 15 European international locations and is one among a number of new VanEck ETNs on this market.
Amidst this improvement, SUI’s worth is experiencing large spikes.
VanEck Europe’s ETN Strategy
In keeping with a brand new press launch, asset supervisor VanEck’s European department is launching an exchange-traded observe (ETN) primarily based on SUI. This product shall be accessible in 15 European international locations, a number of of which aren’t within the EU. ETNs are similar to ETFs, however they’re riskier property with usually looser regulatory restrictions.
VanEck Europe has been on a spree of ETN exercise not too long ago. Final week, it provided a PYTH-based ETN for a similar 15 international locations, accessible by means of the identical exchanges. In October, it additionally added staking rewards to its pre-existing Solana ETN, which is once more in Europe. The agency’s press launch didn’t talk about its European ETN technique however did concentrate on its selection of SUI.
“In our view, [Sui] has robust development potential, as a result of its persistently low transaction prices make it an actual various to older blockchains. The VanEck Sui ETN provides buyers the chance to take part within the improvement of this promising blockchain community in a… comparatively easy means,” stated Menno Martens, Crypto Product Supervisor at VanEck Europe.
Martens additionally praised the Sui blockchain’s scalability and user-friendly design. VanEck Europe’s CEO Martijn Rozemuller additionally praised its transaction speeds, calling it a bridge between Web2 and Web3. Their selection of SUI is sort of well timed as a result of it’s presently having fun with an all-time excessive with super worth spikes.
SUI reached this worth spike on November 12, at some point earlier than the announcement. By the subsequent morning, nonetheless, commentators seen a number of bearish alerts which may point out a deeper decline. Shortly afterwards, HIPPO, the primary SUI meme coin, launched, and this helped propel a continued market curiosity.
Between VanEck Europe’s announcement and SUI’s first meme coin, investor hype might be able to overcome a few of these ominous long-term prospects. The whole crypto market is experiencing an unprecedented sequence of bullish portents, and SUI isn’t any exception. Future improvement could or could not shake investor confidence, however that confidence has been bolstered at this time.
For now, this bullish sign for SUI is only one piece in VanEck Europe’s broader ETN technique, whose overarching objectives are unclear. All these ETN choices within the final month have concentrated inside this area, and the agency could proceed to launch new merchandise.
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