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VanEck just launched a SUI ETN on European stock exchanges, offering exposure to a high-speed blockchain suited for decentralized finance.
Asset management firm VanEck has announced the listing of its SUI (SUI) exchange-traded note on Euronext Amsterdam and Paris, according to a press release seen by crypto.news.
This ETN allows European investors to gain exposure to the SUI blockchain without directly buying or holding any SUI token. It will be available in various countries, including Germany, France, and Sweden.
SUI’s rise in popularity
The SUI blockchain is designed to process transactions quickly, addressing a significant challenge faced by earlier blockchains like Bitcoin (BTC) and Ethereum (ETH), where transactions occur sequentially, often leading to delays and higher costs.
SUI’s structure allows for simultaneous processing, making it ideal for applications that demand fast and real-time interactions, such as decentralized finance platforms and gaming applications.
🚨BREAKING 🚨: Investment firm @Vaneck_eu has launched a new product representing SUI!
— Sui (@SuiNetwork) November 13, 2024
Leveraging Sui's trustworthy and battle-tested infrastructure, VanEck is bridging the gap between blockchain and traditional finance, offering millions of investors secure access to SUI.… pic.twitter.com/WWjMBT8dcs
Martijn Rozemuller, CEO of VanEck Europe, highlighted the potential impact of SUI on decentralized finance, where fast transaction times are crucial. He described SUI as a “bridge” between traditional online systems and the evolving world of decentralized Web3, emphasizing its user-friendly design.
SUI was developed by Mysten Labs, a company founded by developers with backgrounds at Microsoft, Apple, and Meta. The team behind SUI uses a version of the Move programming language, initially created for Meta’s Diem project. This language enhances SUI’s capabilities, supporting its scalability and ease of use for both developers and end users.
SUI’s price is up over 40% in the last seven days.