Bitcoin ETF Owner VanEck Launches Spot ETF for Surprise Altcoin in Europe

Global asset management firm VanEck has launched its latest crypto-based investment product, the VanEck SUI ETN, which is listed on Euronext Amsterdam and Euronext Paris.

The exchange-traded note (ETN) will provide investors with exposure to the development of the SUI blockchain without directly holding SUI tokens, enabling broader participation in the growing decentralized finance (DeFi) ecosystem and high-speed blockchain applications.

According to the official press release, the SUI blockchain developed by Mysten Labs is a decentralized smart contract platform known for its fast transaction processing capabilities. Unlike traditional blockchains such as Bitcoin and Ethereum, which process transactions sequentially, SUI allows for simultaneous transactions. Offering significant advantages in terms of speed and cost, this feature makes SUI ideal for applications that require real-time interaction, such as financial services and online games.

“High-speed transaction finality is crucial, especially in DeFi,” said Martijn Rozemuller, CEO of VanEck Europe. “SUI was designed in a user-friendly way, acting as a bridge between Web2 and the decentralized Web3.”

Blockchain’s development team at Mysten Labs brings experience from leading tech firms like Microsoft, Apple, and Meta. SUI, in particular, uses a modified version of the Move programming language, originally designed for Meta’s Diem cryptocurrency project, providing a solid foundation for scalability and user-centric design.

*This is not investment advice.