Investment firm VanEck has launched a new product based on the SUI token, offering access to the innovative blockchain technology Sui.
VanEck's New Initiative
VanEck, known for its financial products granting access to Bitcoin, Ethereum, and Solana, now offers the ability to invest in SUI. This fully-collateralized financial instrument provides investors access to the SUI token without needing to hold it in a crypto wallet. VanEck holds the referenced SUI tokens in a regulated environment, ensuring the product's value reflects the underlying tokens’ value.
Sui Ecosystem Developments
The launch of VanEck's SUI-backed product is the latest demonstration of institutional confidence in Sui amidst notable network advancements. The platform has formed partnerships with services like Copper, Zero Hash, and Fordefi, and integrated stablecoins such as USDC, AUSD, and the stablecoin alternative USDY. Over the past year, Sui has seen remarkable growth, with total value locked (TVL) soaring by 430% and DeFi volume increasing by 692%. In August 2024, Grayscale, one of the largest global crypto asset managers, launched the Grayscale® Sui Trust.
About Sui and VanEck
Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible. Its object-centric model, based on the Move programming language, allows parallel execution, sub-second finality, and rich on-chain assets. VanEck, with a 70-year history, was among the first U.S. asset managers to offer investors access to international markets, helping shape the investment management industry.
VanEck's new SUI-based product strengthens Sui's position as a leading blockchain project and demonstrates growing institutional interest in its technology and capabilities.
