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VanEck Launches SUI-backed Financial Product

Twitter icon  •  Published 1 week ago  •  Hassan Maishera

On Wednesday, the Sui team announced via a blog post that the investment firm VanEck has launched a new SUI-backed financial product.

On Wednesday, the Sui team announced via a blog post that the investment firm VanEck has launched a new SUI-backed financial product. The new financial product backed by SUI represents real SUI tokens held in a regulated custodian environment by VanEck for the benefit of its holders.

According to the team, adding SUI to VanEck's portfolio of financial products gives customers access to the Sui network. 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.

Sui is a Layer 1 blockchain designed to provide top-notch developer and user experiences backed by robust technological foundations. SUI is up 18% in the last 24 hours, trading at $3.4772 per coin.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.