Asset management company VanEck revealed in its latest announcement that it will list the VanEck Sui ETN on Euronext Amsterdam and Euronext Paris today. Investors can use this exchange-traded note (ETN) to participate in the development of the SUI token without having to purchase and hold it directly. Sui is a decentralized smart contract platform developed by Mysten Labs that is designed to complete transactions quickly and be user-friendly.
“Especially in DeFi applications, it is very important that transactions are completed quickly,” noted Martijn Rozemuller, CEO of VanEck Europe. He added: “Sui is also designed to be easy to use and therefore represents a kind of bridge between Web2 and decentralized Web3.”
“Sui is well positioned to meet the growing demand for blockchain-based transactions, thanks to its easy scalability and design that is friendly to both end-users and developers,” explains Menno Martens, crypto product manager at VanEck Europe. He believes that the network has strong growth potential, as its consistently low transaction costs make it a real alternative to older blockchains.
The VanEck Sui ETN reflects the performance of the MarketVector Sui VWAP Closing Index, whose price is pegged to the price of the SUI token. Users use the network’s native cryptocurrency, SUI, to process transactions within the ecosystem. VanEck relies on Bank Frick to achieve high security standards for custody of the cryptocurrency in its ETNs.
The VanEck Sui ETN allows investors to participate in the development of this promising blockchain network in an exchange-traded and relatively simple manner. VanEck highlighted the extreme volatility of the crypto market and the uncertainty surrounding cryptocurrency regulation.
Investors can buy and sell the new product just like any other regulated stock exchange product. The ETN currently has a total expense ratio (TER) of 1.5%.
Recently, SUI achieved a huge milestone with $28 billion in decentralized exchange (DEX) trading volume as of November 13, 2024. If we continue to see a bullish trend in Sui price, the first layer could see a strong massive rally that pushes the price to $5. Currently, SUI is trading around $3.32, up more than 9% in the past 24 hours.
