Justin Sun, the founder of a popular crypto project Tron (TRX/USD) recently announced that Euronext Exchange is about to see the rollout of Tron ETN. The ETN is issued by VanEck, which has been pursuing similar products for some time. The company also issued exchange-traded notes tracking the performance of projects like Solana and Polkadot, which are trading on Deutsche Borse’s Xetra.
In fact, these two ETNs, together with the TRX one, were all announced together just a short while ago. Now, however, Tron’s ETN is going further than the other two by expanding to Euronext in Paris and Amsterdam.
Tron ETN sees great popularity among institutions
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
VanEck has found that institutional clients are very interested in crypto-based products, even though they are hesitant to buy cryptocurrencies themselves. The new form of money is still too alien to them when it comes to storing it, managing it, and securing it. However, when translated into products that institutions are already familiar with, such as ETNs, then they waste no time when it comes to getting involved.
As a result, VanEck’s portfolio of ETNs has been rapidly increasing. Meanwhile, Justin Sun gave his own views on the matter, concluding that the TRX ETN, listed as VTRX, appears to be the favored and most supported of the three recently-launched assets. He confirmed that the listing should take place today, September 24th.
However, while VanEck has seen great success in launching crypto ETNs in Europe, the same cannot be said about the situation regarding similar efforts in the US. After filing several applications for Bitcoin ETFs with the US SEC, only to be rejected every time, just like all other firms, the company has started withdrawing its applications.
67% of retail CFD accounts lose money