VanEck Launches Pyth Crypto ETN in Europe

What is the Pyth Network?

The Pyth Network is a unique platform that connects the digital world of blockchain with real-world data. Imagine it as a bridge that lets smart contracts—automated agreements on blockchains—use up-to-date information from outside sources. For example, it can pull in stock prices, weather updates, or sports scores to help make decisions.

One thing that makes Pyth special is its focus on real-time data. This is super useful in financial markets, where information changes every second. Pyth gathers “first-party” data, meaning it comes straight from sources like stock exchanges and top financial firms. This setup gives investors peace of mind that they’re getting accurate, high-quality information.

What if you could get rewarded for protecting DeFi?

Enter Oracle Integrity Staking (OIS)—an upgrade to Pyth bringing enhanced data source accountability for a more secure DeFi ecosystem.

OIS brings on-chain staking rewards and slashing mechanisms to the network.

Learn more ⬇️ pic.twitter.com/0rJ58bH3Xa

— Pyth Network 🔮 (@PythNetwork) September 21, 2024

What Makes the VanEck Pyth ETN Different?

The VanEck Pyth ETN is “fully collateralized,” which means the assets are bought and safely stored in “cold storage”—a method that keeps them offline and safe from hackers. VanEck has teamed up with Bank Frick , a financial institution regulated in Liechtenstein, to store these assets securely. This ETN is listed on regulated stock exchanges, so investors can buy and sell it as easily as they would any other stock.

By listing this ETN on major exchanges, VanEck is giving people the chance to invest in cryptocurrency in a more traditional, regulated way. And, as the saying goes, they’re “covering their bases” with security by partnering with a regulated custodian like Bank Frick.

VanEck Expands Crypto Offering with Pyth Network

Read press release: https://t.co/M1fSADAf1h

MarketingCommunication

— VanEck Europe (@vaneck_eu) November 5, 2024

Are There Risks?

Like any investment, the VanEck Pyth ETN comes with its risks. The price of PYTH, like many cryptocurrencies, can swing up and down quite a bit. Investors need to keep in mind that the market can be “as unpredictable as the weather.” This ETN has a Total Expense Ratio (TER) of 1.5%, which covers costs to manage and store the assets securely.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.