VanEck, an investment firm managing over $100 billion in assets, is adding Sui – a layer one blockchain designed by former Meta engineers – to its growing basket of crypto products.
Sui, launched in May 2023, is a blockchain that makes it easier for developers to deploy smart contracts and enhance the ability to process multiple transactions at once. It has accumulated a market capitalization of $8.8 billion, climbing to the top position seventeenth largest cryptocurrency since its launch just a year and a half ago.
said Sui CEO and co-founder Evan Cheng Luck that the new investment product is a vote of confidence in Sui’s technology as well as a sign that the traditional finance space is taking this young currency seriously.
“We are really pleased to receive the recognition we have received. We are really young and we feel like we are now recognized as one of the industry leaders, which is incredible,” Cheng said.
Instead of an exchange-traded fund – several of which have been approved in the US this year for Bitcoin and Ethereum – the new Sui-based product is an exchange-traded bond, available only in Europe.
An ETN is an unsecured debt paper issued by a bank. Although ETNs track the performance of an index, they do not own the underlying asset and do not pay dividends or interest.
VanEck has launched more than a dozen crypto ETNs in select countries across Europe, including Bitcoin-based countries, Avalanche, Ethereum and Solana.
Menno Martens, Crypto Expert and Chief Product Officer at VanEck, said in a statement: “Sui’s proven track record and reputation as an industry leader, as well as its innovative Its suite of technology and innovation, made this the next logical product to have in the portfolio.”
