Asset manager VanEck now has an SUI5.92% exchange-traded note (ETN) listed on Euronext Amsterdam and Paris, allowing European investors to invest in SUI directly blockchain-based. The listing process remains a historic event for VanEck and the SUI blockchain since it makes the high-speed decentralized platform even more available for European audiences.
Thus, the ETN, which does not necessitate the proportionate acquisition and ownership of SUI tokens among investors, will be launched in Germany, France, and Sweden, among other countries. This step comes as VanEck offers new products tied to the cryptocurrency investment market.
SUI’s Growing Popularity
The Mystery Labs team behind the SUI has attracted attention due to its groundbreaking approach. It seeks to address the transaction bottleneck problems associated with establishing long-existing blockchains such as Bitcoin or Ethereum.
Unlike these blockchains, which take transactions in turns, SUI provides a system that can enable transactions to run simultaneously. This approach greatly lessens the time and cost of transactions, making it well-suited for applications that need active interaction, such as DeFi and gaming.
VanEck Europe CEO Martijn Rozemuller said SUI could transform the future of decentralized finance. “This, I believe they already know, is key in DeFi, especially transaction speed, which I understand SUI is optimised for,” he said. He mentioned that blockchain acts as a ‘bridge’ between the current internet model and the newer decentralised Web3, especially considering the usability and flexibility of the blockchain system.
The reason for SUI’s growth is the development of Mysten Labs, a company with former employees from Microsoft, Apple, and Meta. The team’s experience working for tech giants has allowed them to develop a blockchain designed for performance and scalability for high-Q applications.
Another novelty lies in the programming language Move, developed for the Meta company’s Diem project. This language also complements blockchain by improving the prospect of developing scalable decentralized applications by enhancing the developers’ experience while easing the final users’ product use.
Sensitivity information revealed that SUI has become rather popular, which inevitably led to a sharp increase in its price. In the past week alone, the price of SUI has surged more than 40%, again pointing to rising investors’ appetite for the blockchain.
So, the new SUI ETN allowed European investors to invest in the rapidly emerging blockchain without dealing with the tokens themselves, as with VanEck. In this constantly changing DeFi space, high-speed transactions will prove quite helpful for SUI in creating the future of decentralized applications.
