VanEck, a major investment firm overseeing assets worth over $100 billion, has launched a new Exchange-Traded Note (ETN) based on the SUI cryptocurrency. This product is available on Euronext in Amsterdam and Paris, providing investors from over 15 countries access to the Sui blockchain network.
What is the SUI ETN?
The VanEck SUI ETN is fully backed by SUI tokens held with Bank Frick in Liechtenstein, ensuring that the ETN's value mirrors that of the underlying tokens. It tracks the MarketVector Sui Network VWAP Close Index and carries a total expense ratio of 1.5%. Investors are not required to interact with the Sui blockchain directly, simplifying the process for traditional investors.
Sui's Rapid Growth
Sui, a decentralized smart contract platform designed by former Meta engineers, has seen significant growth in recent months. Reports highlight a 400% increase in total value locked (TVL) and a 692% rise in DeFi volume over the past year. Sui's capability to handle multiple transactions concurrently makes it ideal for applications in sectors requiring speed and scalability, such as gaming and financial services.
VanEck Expands Crypto Product Offerings
VanEck's decision to incorporate SUI into its growing portfolio of crypto-focused financial products underscores its belief in the blockchain's future. The firm previously launched financial products linked to Bitcoin, Ethereum, and Solana. The release of the SUI ETN follows a surge in institutional confidence in the Sui blockchain, evidenced by partnerships with companies like Copper, Zero Hash, and Fordefi.
The introduction of VanEck's new SUI-based ETN showcases growing interest in the Sui platform and its potential. The project is evolving rapidly, supported by new partnerships and the integration of stablecoins.