VanEck launches first U.S. Avalanche ETP

U.S. asset manager VanEck announced on Jan. 26 the launch of the first Avalanche (AVAX) Exchange Traded Product (ETP) in the United States. According to an official statement, the product, named the VanEck Avalanche ETF (VAVX), will be added to the firm's lineup of digital asset-focused funds. Despite its name, the product is not an ETF approved by the Securities and Exchange Commission (SEC) and is considered a trust product.