VanEck Adds Sui Blockchain to Its Crypto ETN Basket Targeting European Investors

Sui, launched in May 2023, is a blockchain that makes it easier for developers to deploy smart contracts and touts its ability to process multiple transactions simultaneously.

Investment firm VanEck, which manages over $100 billion in assets, is now offering a Sui-based exchange-traded note (ETN), adding the layer one blockchain to its growing lineup of crypto products.

Launched in May 2023, Sui is a blockchain that boasts faster smart contract deployment times and the capability to process multiple transactions simultaneously. In the year and a half since its launch, the blockchain has managed to amass a market cap of $8.8 billion, becoming the seventeenth-largest cryptocurrency.

In an interview with Fortune, Mysten Labs CEO and co-founder Evan Cheng, whose company developed the Sui network, said that the new investment product is a vote of confidence in Sui’s technology and a sign that traditional finance is taking the young coin seriously.

“We’re really happy to be getting this recognition that we’re getting at this time. We’re really, really young, and we feel like we are now recognized as one of the leaders of the industry, which is quite incredible,” said Cheng.

The Sui-based product is an ETN, which is only available in Europe, rather than an exchange-traded fund, some of which were approved in the U.S. this year for Bitcoin and Ethereum.

A bank issues an ETN, which is a type of unsecured debt note. Although ETNs follow the performance of an index, they do not own the underlying asset and do not pay dividends or interest.

In select European nations, VanEck has introduced more than a dozen crypto ETNs, including those tracking Bitcoin, Avalanche, Ethereum, and Solana.

“Sui’s proven track record and reputation as an industry leader, as well as its innovative and technological advancements, made this the next logical product to house in the portfolio,” said Menno Martens, Crypto Specialist and Product Manager at VanEck, in a statement.

This story was originally featured on Fortune.com