The wealth manager Vaneck has announced it has expanded its exchange-traded note (ETN) offerings to support the tokens polygon and avalanche. The two ETNs follow five previously launched funds in Europe that allow investors to gain exposure to leading digital assets.
Vaneck Adds Polygon and Avalanche to Cryptocurrency ETN List
Vaneck has announcement the launch of two ETNs that exploit the polygon of cryptographic assets (MATIC) and the avalanche (AVAX). ETNs represent shares of AVAX or MATIC and the funds are fully guaranteed. “Vaneck expands its crypto investment offering with two new ETNs on the Avalanche and Polygon crypto platforms,” the wealth manager tweeted on December 16.
Avalanche and polygon have seen significant demand this year and have gathered massive gains year-to-date. The token avalanche (AVAX) has seen its market capitalization join the top ten digital assets in the world, in terms of overall valuation. Today, AVAX holds the 9th position after climbing 3,509% since this time last year.
Polygon (MATIC) has also grown significantly in value in 2021 with cumulative gains of around 11.393%. MATIC is today the 14th largest crypto asset by market capitalization, around $ 15 billion. MATIC and AVAX are both compatible with Ethereum but are also considered to be competitors of Ethereum.
Vaneck to Leverage Crypto Compare’s MVIS Data, Bank Frick to Custody Crypto Assets
The ETNs offered by Vaneck are like exchange-traded funds (ETFs) but ETNs are considered unsecured debt securities. Vaneck had tried to get its spot market bitcoin (BTC) ETF approved by the U.S. Securities and Exchange Commission this year but the ETF was denied in mid-November.
The Polygon and Avalanche ETNs use Crypto Compare’s MVIS data to replicate the value and return performance of each asset. The underlying crypto assets of Vaneck’s ETNs are held by Bank Frick & Co. AG. The AVAX ETN ticker will be “VAVA” and the MATIC ETN ticker will be “VPOL”.
