Among the pioneers to recognize crypto as a legitimate investment theme, VanEck continues to shape the bridge between traditional finance and the digital asset economy.
For this feature, Hubfinance spoke with Menno Martens, Crypto Specialist at VanEck, who shared his analysis on the institutionalization of crypto, the rise of tokenized assets, and the catalysts driving the next wave of sustainable growth.
VanEck has been among the first asset managers to recognize digital assets as a legitimate investment theme. How do you see their role evolving today, from speculative niche to structural asset class?
The development of digital assets has followed a clear trajectory. Initially, crypto functioned primarily as a speculative asset class filled with innovative but unproven ideas. That period is now behind us. Today, we are in a phase where digital assets are becoming increasingly institutionalized, with retail investors continuing to drive technology adoption. The next stage will involve deeper participation by financial institutions. At first, they will use blockchain technology as an additional distribution channel to reach crypto-native investors. Over time, we expect it to replace parts of today’s financial infrastructure, making securities more accessible and cost efficient. Eventually, we envision crypto being fully adopted by both retail and institutional participants, not only as a distinct investment class but also as a foundational technology for a wide range of applications. Achieving this vision will depend heavily on progressive and supportive regulation.
The concept of “digital transformation” now extends far beyond crypto itself. Where do you see the most compelling opportunities emerging in infrastructure, tokenization, or blockchain-enabled industries?
We view crypto as a continuation of the broader automation trend driven by technologies such as the internet, robotics, and artificial intelligence. While these technologies automate physical or data processes, crypto focuses on automating trust-based relationships. Trust is an essential but capital-intensive resource, particularly for financial intermediaries. Blockchain technology has the potential to reduce that cost significantly. Industries with many stakeholders and multiple intermediaries stand to gain the most from this transformation. The financial system, in particular, could theoretically operate entirely on blockchain infrastructure if regulations were adapted to support it. For this reason, we believe tokenized real-world assets represent one of the most promising and immediate opportunities for businesses in the digital transformation space.
For professional investors, access and transparency are key. How does VanEck approach the balance between innovation and institutional-grade discipline when structuring its digital-asset strategies?
At VanEck, we prioritize quality over quantity. We do not aim to launch a product for every new crypto project that gains attention. Instead, each project undergoes a rigorous due diligence process before being presented to our management committee for approval. This process is multidisciplinary and includes direct meetings with the project team, as well as independent assessments by at least two internal specialists. Each project must meet a comprehensive internal checklist to ensure it aligns with the same high standards as our existing products. This approach allows us to combine innovation with institutional-grade discipline, ensuring that new products meet the expectations of our professional clients.
Crypto adoption often moves in waves. Looking ahead, which trends or catalysts could drive the next phase of long-term, sustainable growth in the digital-asset ecosystem?
The next stage of long-term, sustainable growth in the digital-asset ecosystem will likely be driven by fundamental adoption rather than speculative interest. Some of the potential catalysts are:
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Continued institutional launches of financial products based on crypto
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Broader adoption of stablecoins as retail and wholesale payment instruments
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Mass adoption of blockchain-based applications
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Any structural developments that increase protocol revenue and token value accrual
In our view, this new phase of growth will come from real-world use and integration of the technology, which will, in turn, increase the economic value and sustainability of the underlying protocols.