VanEck Launches First European Exchange Traded Crypto Product
On Monday, investment firm VanEck, with over $80 billion in assets under management with exchange-traded funds, or ETFs, mutual funds and institutional accounts, announced its first cryptocurrency fund. Listed on the Deutsche Borse Xetra and SIX Swiss exchanges as an exchange-traded note (ETN), it gives investors exposure to Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL), Tron (TRX), Avalanche (AVAX) and Polygon (MATIC).
Co-head of VanEck Europe, Gijs Koning, commented on the importance for the firm to provide and investment opportunity in digital currencies. He said:
“In early 2017, we determined that digital assets could provide a store of value alternative to currencies and gold, as well as a host of technology solutions that could bring down costs in the payments and investing industries.”
With its financial products seemingly gaining traction in Europe, the United States regulatory landscape has not been too kind and the firm has faced some significant regulatory hurdles.
Last November, the U.S. Securities and Exchange Commission (SEC) rejected VanEck’s Bitcoin spot ETF application, citing (consumer) safety and security concerns as the main reasons.
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Source: igaming
