VanEck has announced the launch of three new crypto Exchange-Traded Notes (ETNs) on Deutsche Börse, Europe’s largest stock exchange. The cryptocurrencies were selected based on their usage and functionality among other criteria.
VanEck announced the official listing of new Exchange Traded Notes (ETNs) on the Solana (SOL), Tron (TRX), and Polkadot exchanges in a news release (DOT).
VanEck’s freshly listed Exchange-traded notes (ETNs) on Deutsche Borse will be complementary to its Bitcoin and Ethereum ETNs. VanEck had previously developed exchange-traded products backed by Bitcoin and Ethereum.
Institutional investors have recently been able to obtain increased exposure to the cryptocurrency industry via exchange-traded instruments.
These products also allow investors to get more involved in the crypto world. Furthermore, the crypto ETNs will attract more European investors.
According to a press statement from VanEck, the three digital assets were chosen from a pool of more than 100 candidates.
Cryptocurrencies were also picked because they fit specific criteria. Their usage and functionality, availability on exchanges, the number of transactions, development team, track record, and market valuation are among the prerequisites.
Solana’s quickness, quick transactions per second, minimal transaction costs, and other features distinguished it from its competitors.
Solana has evolved into an “institutional investable asset,” according to FTX’s head of product, Ramnik Arora. The debut of the Solana ETP on VanEck excites Arora, who believes it will boost involvement in the Solana ecosystem.
Polkadot’s interoperability as a proof-of-stake (PoS) blockchain system further sets it apart from the competition. TRON, on the other hand, offers a faster and less expensive transaction rate than other popular crypto assets.
Justin Sun, the founder of TRON Foundation, stated:
The listing of the VanEck Vectors TRON ETN, on the heels of Bitcoin and Ether, is a testament to TRON’s robust crypto ecosystem and its successful drive to expand our global roadmap.
Previously listed crypto ETNs by VanEck
Following the launch of the world’s first Bitcoin and Ether ETNs on the German stock market, VanEck has added further crypto ETN listings on Deutsche Borse.
Despite the enormous market capitalizations of the two most popular cryptocurrencies, BTC and ETH, VanEck Europe CEO Martijn Rozemuller believes that investors should have access to a variety of cryptocurrencies.
“No one knows which will be the most important in ten years,” Rozemuller added, noting that there are presently roughly 10,000 crypto assets on the market.
Further, the CEO alluded to the era when Nokia and Blackberry dominated the mobile phone market. iPhones and Samsung are now the market leaders.
Similarly, Rozemuller believes that in the next years, any unpopular coin might lead the crypto sector.
VanEck could be the first asset management firm in the United States to create a Bitcoin exchange-traded fund. VanEck’s Bitcoin ETF application was discovered by the Securities and Exchange Commission (SEC) in March. The crypto community is crossing its fingers as it awaits the Commission’s verdict.