VanEck Launches SUI-backed Financial Product
VanEck's new product cements Sui's place among traditional financial interests.
Investment firm VanEck introduced a product that will offer millions of investors access to SUI. The new financial product backed by SUI represents real SUI tokens held in a regulated custodian environment by VanEck for the benefit of its holder.
Privately held VanEck's 70 year history includes investment solutions across a range of industries and asset classes, responding to changes in the global financial sector. More recently, it offered access to cryptocurrencies with financial products referencing Bitcoin, Ethereum, and Solana.
The addition of SUI to VanEck's portfolio of financial products gives customers access to the Sui network, which recorded 430 percent growth in total value locked (TVL) and 692 percent growth in DeFi volume over the past year.
With the SUI-backed financial product, VanEck holds the exact amount of tokens covered by the instrument. An investor purchases the instrument, the value of which matches the value of the SUI it represents. Like other financial products, the new VanEck offering enables users to easily invest and divest.
VanEck's clients do not need to obtain a digital wallet on Sui, and have no direct ownership of the SUI represented by the product.
The launch of VanEck's SUI-based product follows a string of developments showing institutional confidence in Sui, including services by Copper and stablecoins such as USDC and AUSD coming onchain.
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