VanEck has just launched in Europe an exchange-traded note (ETN) that will track the performance of PYTH, the Pyth Network's native token.
As announced on November 5, the ETN will be tradable on Euronext Amsterdam and Euronext Paris. It will also be accessible to investors in 15 European countries, including Germany, France, Norway and Switzerland.
The Pyth network is a decentralized oracle protocol that facilitates interaction between smart contracts and off-chain data and other blockchain networks.
PYTH is the network's governing token, with a fully diluted market capitalization of approximately $3.4 billion, according to CoinMarketCap.
VanEck Europe CEO Martijn Rozemuller said in a press release:
"Smart contracts based on blockchain technology are gaining increasing significance in the financial world due to their numerous applications, and oracle networks play a crucial role in enabling real-world use for smart contracts."