Asset management and exchange-traded fund (ETF) issuer VanEck has launched a new institutional product based on layer-1 blockchain Sui (SUI).
In a press release, VanEck says it’s expanding its offerings with a new exchange-traded note (ETN) that allows investors to participate in the development of SUI without having to directly hold the token.
The new product will trade on the Euronext Amsterdam and Euronext Paris stock exchanges starting Wednesday morning.
Says Menno Martens, Crypto Product Manager at VanEck Europe,
“In our view, this network has strong growth potential, because its consistently low transaction costs make it a real alternative to older blockchains. The VanEck Sui ETN gives investors the opportunity to participate in the development of this promising blockchain network in an exchange-traded and comparatively simple way.”
Martijn Rozemuller, CEO at VanEck Europe, says that Sui’s speed and simplicity give the chain an ability to act as a “kind of bridge between the Web2 and the decentralized Web3.”
As described by VanEck’s product overview page,
“Experience the speed and scalability of next-generation blockchain technology. Sui offers instant finality and parallel transaction processing, paving the way for more responsive and user-friendly decentralized applications. The VanEck Sui ETN is a fully-collateralized exchange traded note that invests in the SUI Token.”
Matthew Sigel, the firm’s head of digital assets, also confirmed the launch of the new product on the social media platform.
SUI hit an all-time high of $3.44 early on Wednesday around the same time that the ETN went live.
At time of writing, SUI is trading for $3.34.
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