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Wealth management company Vaneck announced that it has expanded its exchange-traded note (ETN) product to support token polygons and avalanches. These two ETNs follow the previous five funds launched in Europe that allow investors to access leading digital assets.
Vaneck adds Polygon and Avalanche to its list of cryptocurrencies ETN
Vaneck has Announce Introduced two ETNs that utilize encrypted asset polygon (MATIC) and avalanche (AVAX). ETN represents the shares of AVAX or MATIC, and the funds are fully mortgaged. “Vaneck has expanded its crypto investment products with two new ETNs on crypto platforms Avalanche and Polygon,” the wealth manager tweeted on December 16.
Avalanche and polygons are in great demand this year and have made huge gains so far this year.Token Avalanche (AVAX) In terms of overall valuation, its market value has ranked among the top ten digital assets in the world. Today, AVAX has risen by 3,509% since this time last year and ranks 9th.
Polygon (MATIC) The value in 2021 has also risen sharply, with a year-to-date increase of approximately 11,393%. MATIC is the 14th largest crypto asset by market capitalization today, at approximately US$15 billion. Both MATIC and AVAX are compatible with Ethereum, but are also regarded as competitors of Ethereum.
Vaneck uses Crypto Compare’s MVIS data and bank Frick to custody crypto assets
The ETN provided by Vaneck is similar to an exchange-traded fund (ETF), but the ETN is considered an unsecured debt security.Vaneck tried to get the spot market Bitcoin (BTC) The ETF approved by the US Securities and Exchange Commission this year, but the ETF was be rejected In mid-November.
Polygon and Avalanche ETN use Crypto Compare’s MVIS data to replicate the value and performance of each asset. The basic encrypted assets in Vaneck’s ETN are kept by Bank Frick & Co. AG. The AVAX ETN code will be “VAVA” and the MATIC ETN code will be “VPO??L”.
What do you think of Vaneck’s launch of Polygon and Avalanche ETN? Please tell us your thoughts on this topic in the comments section below.
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