- VanEck has listed Solana, Tron, and Polkadot crypto ETNs on Deutsche Borse.
- The three cryptocurrencies were selected due to certain features like uses and functionality, track record, availability on exchanges, and many more.
Global investment manager VanEck has announced the listing of three new crypto ETNs on European stock exchange giant Deutsche Borse. In a press release, VanEck announced the official listing of new Exchange Traded Notes (ETNs) on Solana (SOL), Tron (TRX), and Polkadot (DOT). The newly-added ETNs VanEck listed on Deutsche Borse will serve as compliments to its Bitcoin and Ethereum ETNs. Before now, VanEck had launched BTC and ETH-backed exchange-traded products.
In recent times, institutional investors have been able to gain more exposure to the crypto market through exchange-traded products. These products also enable investors to be able to participate more in the crypto space. In addition, the crypto ETNs will further onboard more European investors.
VanEck lists SOL, TRX, and DOT crypto ETNs on Deutsche Borse
According to the press release by VanEck, the three digital assets were selected among the other 100 possible candidates. Also, cryptocurrencies were preferred as they met certain conditions. The conditions include their uses and functionality, availability on the exchanges, number of transactions, development team, their track record, and their market valuation.
Solana’s speed, swift transactions per second, low transaction fees, and more made it a qualified candidate, among its peers. According to the head of product at FTX, Ramnik Arora, Solana has grown to become an “institutional investable asset.” Arora expressed excitement with the Solana ETP launch on VanEck, saying that it would increase participation in the Solana ecosystem.
Also, the Polkadot interoperability feature as a proof-of-stake (PoS) blockchain protocol distinguishes it among other candidates. At the same time, TRON has a faster and cheaper transaction rate than other top crypto assets.
The founder of TRON Foundation, Justin Sun, 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.
VanEck’s former crypto ETNs listings
VanEck added the new crypto ETN listings on Deutsche Borse following the launch of the world’s first Bitcoin and Ether ETNs on the German stock exchange. Despite the high market capitalization of the top two crypto- BTC and ETH, VanEck Europe CEO Martijn Rozemuller believes that investors should have access to several cryptocurrencies. Noting that there are currently about 10,000 crypto assets in the market, Rozemuller said that “no one knows which will be the most important in ten years.”
Speaking further, the CEO made a reference to the time when Nokia and Blackberry ruled the mobile phone market. Now, iPhones and Samsung are ruling the market. Likewise, Rozemuller believes that any unpopular crypto could be leading the crypto space in the coming years.
VanEck could be the first asset management to launch a Bitcoin exchange-traded fund in the US. In March, The Securities and Exchange Commission (SEC) revealed the Bitcoin ETF application submitted by VanEck. Fingers are crossed as the crypto community is currently waiting for the Commission’s decision.