The cryptocurrency market is at the centre of the US elections. Breaths are eagerly awaited to see who will take the rope. In the midst of this expectation, important news continues to come from the crypto world. VanEck launches Pyth ETN in Euronext Amsterdam and Paris. This new ETN will allow investors to invest in the performance of PYTH. However, investors are not required to buy or hold it directly. Let’s take a look at more about this altcoin ETN.
VanEck chose this altcoin project for the ETN: What makes it different?
As you’ve been following on Kriptokoin.com, the real world continues to embrace the crypto world. The VanEck Pyth Exchange-Traded Note (ETN) will be ‘fully collateralised’. That is, VanEck will buy the assets and store them securely in ‘cold storage’. This method will keep them safe from off-line and hackers. VanEck has collaborated with Bank Frick, a financial institution regulated in Liechtenstein, to securely store these assets. This ETN will be listed on regulated exchanges. Thus, investors will be able to buy and sell it as easily as other stocks.
By listing this ETN on major exchanges, VanEck is giving people the chance to invest in cryptocurrency in a more traditional, regulated way. It’s also protecting its security foundations by partnering with a regulated custodian like Bank Frick. Like any investment, the VanEck Pyth ETN comes with risks. The altcoin price, like many cryptocurrencies, does not fluctuate up and down significantly. Therefore, investors should keep in mind that the market can be ‘as unpredictable as the weather’. This ETN will have a Total Expense Ratio (TER) of 1.5%. This includes the costs of securely managing and storing assets.
What is Pyth Network?
Pyth Network is a unique platform that connects the world of Blockchain with real-world data. Think of it as a bridge that enables smart contracts (automated agreements on the Blockchain) to utilise up-to-date information from external sources. For example, it has the ability to pull stock prices, weather updates or sports scores. This allows it to help decision making.
One of the things that makes Pyth special is its focus on real-time data. This is very useful in financial markets where information changes every second. Pyth collects ‘first-party’ data. That is, it gets it directly from sources such as stock exchanges and top financial firms. This setup gives traders peace of mind that they are receiving accurate and high quality information.
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