- November 13, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post VanEck Launches SUI ETN, Can This Drive SUI To $5? appeared first on Coinpedia Fintech News
In a latest announcement, Asset Manager VanEck revealed that it is listing the VanEck Sui ETN on Euronext Amsterdam and Euronext Paris today. Investors can use this exchange-traded note (ETN) to participate in the development of the SUI token without having to buy and hold it directly.
Sui is a decentralized smart contract platform, developed by Mysten Labs, that aims to finalize transactions quickly and is user-friendly.
“Particularly in DeFi applications, it is important that transactions be finalized very quickly,” noted Martijn Rozemuller, CEO at VanEck Europe. “Sui is also designed to be easy to use and thus represents a kind of bridge between the Web2 and the decentralised Web3,” he added.
“Thanks to its simple scalability and user-friendly design for both end-users and developers, Sui can serve the growing demand for blockchain-based transactions very well,” explained Menno Martens, Crypto Product Manager at VanEck Europe. He believes that this network has strong growth potential because its consistently low transaction costs make it a real alternative to older blockchains.
The VanEck Sui ETN reflects the performance of the MarketVector Sui VWAP Close Index, whose price is linked to the price of the SUI token. Users process transactions within the ecosystem using SUI, the network’s native cryptocurrency. VanEck relies on Bank Frick to achieve a high standard of security in the custody of the cryptocurrencies in its ETNs.
The VanEck Sui ETN allows investors to participate in the development of this promising blockchain network in an exchange-traded and comparatively simple way. VanEck has stressed the extreme volatility in crypto markets and the regulatory uncertainty for cryptocurrencies.
Investors can buy and sell the new product like any other regulated stock exchange product. The ETN currently has a total expense ratio (TER) of 1.5 % percent.
Recently, SUI in a huge milestone, achieved $28 billion in decentralized exchange (DEX) trading volume as of November 13, 2024. If we continue to see the bullish trend in Sui’s price, layer one could see a strong massive rally driving the price to $5. Currently, SUI is trading around $3.32, up over 9% in the last 24 hours.
