The focus of the cryptocurrency market is on the US elections. We are waiting with bated breath to see who will overcome the rope. Amidst this wait, important news continues to come from the crypto world. VanEck launches Pyth ETN on Euronext Amsterdam and Paris. This new ETN will allow investors to invest in the performance of PYTH. However, investors do not need to buy or hold directly. Let’s take a look at more about this altcoin ETN.
VanEck chose this altcoin project for ETN: What makes it different?
cryptokoin.comAs you’ve been following from , the real world continues to embrace crypto. VanEck Pyth Exchange-Traded Note (ETN) will be “fully collateralized.” That is, VanEck will purchase the assets and store them safely in “cold storage.” This method will keep them off-line and safe from hackers. VanEck 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 have the opportunity to buy and sell it easily like other stocks.
VanEck lists this ETN on major exchanges, giving people the chance to invest in cryptocurrency in a more traditional, regulated way. It also stays grounded in security by partnering with a regulated depositary such as Bank Frick. Like any investment, VanEck Pyth ETN comes with risks. The altcoin price, like many cryptocurrencies, does not fluctuate quite up and down. Therefore, investors need to keep in mind that the market can be “as unpredictable as the weather.” The Total Expense Ratio (TER) of this ETN will be 1.5%. This includes the costs of managing and storing assets securely.
What is Pyth Network?
Pyth Network is a unique platform that combines the world of Blockchain with real-world data. Think of it as a bridge that allows smart contracts (automatic agreements on the blockchain) to use up-to-date information from external sources. For example, it has the ability to pull stock quotes, weather updates or sports scores. This helps in decision making.
One of the things that makes Pyth special is that it focuses on real-time data. This is very useful in financial markets where information changes every second. Pyth collects “first party” data. In other words, it obtains them directly from sources such as stock exchanges and the best financial firms. This setup gives investors peace of mind that they are receiving accurate, high-quality information.
