VanEck, a privately run investment firm has introduced a new product backed by SUI to millions of customers.
VanEck offers investment solutions for various industries and asset classes. Previously it had financial products providing access to Bitcoin, Solana, and Ethereum as well. Now it has included a SUI-based product to its customers.
VanEck customers can invest without need for a digital wallet
This new product will allow access to millions of customers to SUI regardless of the need to have SUI in their crypto wallets. VanEck announced that each note related to the product will be backed by SUI in a “regulated custodian environment” for the benefit of the holders.
According to the firm, it allows users to invest without the need for a digital wallet or direct ownership of the tokens themselves.
The company, with a 70-year history in investment solutions across several industries and asset classes, has previously offered products that are connected to cryptocurrencies such as Ethereum, Bitcoin, and Solana.
Crypto specialist at VanEck, Menno Martens was delighted about this latest, citing Sui’s strong track record and technological advancements as key factors for the inclusion in their product suite.
“We are excited to introduce this product as part of our growing portfolio of digital asset investment products,” said Martens.
In a blog post, Sui Foundation also revealed that the introduction of the SUI into its portfolio comes when the Sui network has already shown significant growth, recording a 430% increase in total value locked (TVL) and 692% increase in DeFi volume over the past year.
Launch signals institutional confidence in Sui
According to the company, the new SUI-backed instrument ensures that the value of the investment matches the underlying SUI tokens.
Additionally, investors can easily buy and sell this product similar to the financial offerings. The launch clearly exhibits the growing institutional confidence in Sui which is also backed by recent developments like collaborations with firms like Copper and the integration of stablecoins such as USDC and AUSD.
Gap Kim, head of marketing for the Sui Foundation noted that this launch marks a pivotal moment for the Sui ecosystem and underscores increasing institutional interest.
“The creation of this SUI-based product by VanEck is a pivotal moment for the Sui ecosystem and a significant vote of confidence in Sui’s technology and long-term vision.” Kim.
“VanEck is a trusted leader in the investment industry, and the decision to offer SUI as part of their product suite underscores the growing institutional interest in Sui,” added Kim.
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