Justin Sun-led Tron Foundation announced Tron’s [TRX] exchange-traded product has officially debuted on Xetra, which happens to be the electronic trading platform of Europe’s biggest Deutsche Börse German stock exchange. The new product is an exchange-traded note [ETN] dubbed ‘VanEck Vectors Tron ETN [VTRX]’ and is set to expand its foothold across Zurich, Paris, and Amsterdam.
This is s major breakthrough for TRX who’s an addition to the list that represents the third such mainstream crypto to have landed their ETN on the world-renowned fund management company after Bitcoin [BTC] and Ethereum [ETH].
Announcing the same, the foundation stated,
“The successful listing of VTRX, on the heels of Bitcoin and Ethereum, is a fresh testimony to Tron’s robust crypto ecosystem and its successful drive to expand its global roadmap. It is also a significant milestone in Tron’s effort to keep up with the evolving regulatory environment.”
Why Tron?
VanEck has been one of the first asset managers to submit a Bitcoin ETF application to the US Securities and Exchange Commission [SEC]. Since then, it has launched several products. Last year, VanEck rolled out one of the world’s first Bitcoin ETNs [VBTC]. Next came Ethereum ETN [VETH] in 2021. The latest move of listing VTRX after launching BTC and ETH indicates TRX increasing “market recognition” as a prominent blockchain platform across the world.
Martijn Rozemuller, CEO at VanEck Europe, admitted that while Ethereum continues to lead the pack, younger platforms such as Tron provide additional advantages in the form of lower transaction costs or faster processes. Hence, adding these assets to an investor increases the diversification while reducing the overall risk, added the exec.
What does TRX ETN entail?
With TRX ETN, investors in the region will have a regulation option to invest in cryptocurrency. Xetra provides access to Europe’s largest ETF exchange. Another upside for the users is that there is no need to worry about wallets and encryption keys while trading ETN on stock exchanges. Additionally, investors can enjoy significantly lower risks of settlement to the central clearing systems.
According to the foundation overseeing the development of TRX, the listing will aid in reducing the gap between the crypto ecosystem and mainstream financial markets in Europe and will strengthen TRX’s position.