VanEck, an investment firm with more than $100 billion in assets under management, is adding Sui — a layer-one blockchain designed by former Meta engineers — to its growing basket of cryptocurrency products.
Sui, which launched in May 2023, is a blockchain that makes it easier for developers to deploy smart contracts and touts its ability to process multiple transactions simultaneously. It has managed to amass a market capitalization of $8.8 billion, and has risen to… The seventeenth largest Cryptocurrency since its launch just a year and a half ago.
said Sui CEO and co-founder Evan Cheng luck The new investment product is a vote of confidence in Sui’s technology as well as a signal that the traditional finance space is taking the emerging currency seriously.
“We are really happy to have this recognition that we are getting at this time. We are really very young, and we feel that we are now recognized as one of the leaders in the industry, which is incredible,” Cheng said.
Instead of creating an exchange-traded fund – some of which were approved in the US this year for Bitcoin and Ethereum – the new Soi-based product is an exchange-traded fiat, which is only available in Europe.
An ETN is an unsecured debt note issued by a bank. While ETNs track the performance of an index, they do not own the underlying asset and do not pay dividends or interest.
VanEck has launched more than a dozen cryptocurrency ETNs in selected countries across Europe including those based on Bitcoin, Avalanche, Ethereum and Solana.
“Sui’s proven track record and reputation as an industry leader, combined with innovative and technological advancements, made this the logical next product to be included in the portfolio,” Mino Martens, cryptocurrency specialist and product manager at VanEck, said in a statement.