Asset manager Vaneck has announced that it has expanded its Exchange Traded Notes (ETN) offering to support the Polygon and Avalanche tokens. The two ETNs follow five funds previously launched in Europe that allow investors to get exposure to leading digital assets.
Vaneck adds Polygon and Avalanche to its list of cryptocurrency ETNs
Vaneck has announced the introduction of two ETNs that use the polygon of crypto assets (MATIC) and the avalanche (AVAX). The ETNs represent shares of AVAX or MATIC and the funds are fully secured. “Vaneck is expanding its crypto investment offering with two new ETNs on the Avalanche and Polygon crypto platforms,” the asset manager tweeted on December 16.
Avalanche and Polygon have seen considerable demand this year and have achieved massive increases so far this year. The token Avalanche (AVAX) saw its market cap rank among the top ten digital assets in the world for overall rating. Today, AVAX ranks 9th after a 3.509% increase since last year.
Polygon (MATIC) has also increased significantly in value in 2021 with growth of around 11,393% since the beginning of the year. MATIC is today the 14th largest crypto asset in terms of market capitalization which is around $ 15 billion. Both MATIC and AVAX are compatible with Ethereum, but are also considered Ethereum competitors.
Vaneck uses the MVIS data from Crypto Compare, Bank Frick stores crypto assets
The ETNs offered by Vaneck are like Exchange Traded Funds (ETFs), but ETNs are considered unsecured debt. Vaneck had tried to get his spot market Bitcoin (BTC) ETF was approved by the US Securities and Exchange Commission this year, but the ETF was disputed Mid November.
The Polygon and Avalanche ETNs use Crypto Compare’s MVIS data to replicate the value and income performance of each asset. The crypto assets underlying Vaneck’s ETNs are stored by Bank Frick & Co. AG. The AVAX ETN ticker is “VAVA” and the MATIC ETN ticker is “VPOL”.
What do you think of Vaneck’s introduction of Polygon and Avalanche ETNs? Let us know what you think on this matter in the comments below.
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Source: Crypto News Austria