VanEck, a global asset management company and US spot Bitcoin ETF issuer, has launched a new exchange-traded bond (ETN) tied to the SUI token on the Sui blockchain network, according to a statement on November 13th. .
The ETN, currently available on Euronext Amsterdam and Euronext Paris, allows European investors from over 15 countries to gain exposure to SUI without directly owning the assets.
The product tracks the MarketVector Sui Network VWAP Close Index and is fully backed by SUI tokens held by Bank Frick of Liechtenstein. The total expense ratio is 1.5%.
VanEck's SUI ETN comes as mass adoption of the digital asset increases, pushing its value to an all-time high of $3.31. crypto slate data.
Why Sui?
VanEck explained that they chose Sui for ETN due to the blockchain's high performance and user-friendly design.
Sui, a decentralized smart contract platform, aims to process transactions quickly and efficiently. While older blockchains like Bitcoin and Ethereum process transactions sequentially, often incurring delays and high costs, Sui can process multiple transactions simultaneously. This feature makes Sui ideal for applications that require real-time transactions, such as financial services and gaming.
VanEck said in a report in early November that Sui offers a user experience that is familiar to most Internet users because it is “fast, user-friendly, and affordable, just like platforms like Facebook, Twitter, and Robinhood.” stated that it provides.
Menno Martens, crypto product manager at VanEck Europe, highlighted Sui's scalability and cost-effectiveness. He added:
“In our view, this network has significant growth potential as it represents a true replacement for older blockchains due to consistently low transaction costs. VanEck Sui ETN offers investors We offer an opportunity to participate in the development of this promising blockchain network in a relatively easy way.
Meanwhile, Sui ETN expands VanEck's crypto product portfolio, which already includes Bitcoin, Ethereum, Polkadot, and Solana products. These products are designed to provide easy access to the rapidly evolving crypto market.
