2 hours ago
4 ARTICLE AD
Key Notes
Bitwise has renamed its XRP ETP as part of a strategy to expand its European product suite.Ripple plans to invest in the newly branded Bitwise Physical XRP ETP, reinforcing XRP's institutional adoption.Ripple sees growing global demand for crypto ETPs as regulatory clarity boosts institutional interest.Bitwise Asset Management, one of the leading financial services firms in the world has announced the rebranding of its European XRP exchange-traded product (ETP), formerly known as the ETC Group Physical XRP, to the Bitwise Physical XRP ETP.
In an official press release on Wednesday, the company said the change is part of a broader effort by Bitwise to enhance its European product suite, following its recent acquisition of ETC Group, a prominent ETP issuer in Europe. Along with the rebranding, Ripple, the company behind XRP, has revealed plans to invest in the revamped product, signaling its growing involvement in the European digital asset market.
Strengthening Institutional Crypto Investment
The Bitwise Physical XRP ETP (now traded under the ticker GXRP) offers European investors a transparent, regulated way to gain exposure to XRP, the world’s fifth-largest digital asset by market cap.
Launched in 2012, XRP, which is currently valued at over $80 billion, has gained widespread adoption, especially in sectors like cross-border remittances, decentralized finance (DeFi), and tokenization of real-world assets.
Bitwise said the rebranded product is backed 100% by XRP. The ETP was initially launched in 2022 and is regulated by Germany’s financial authorities with the aim of providing a secure investment option for institutions and individual investors looking to explore the crypto market without interacting directly with digital assets.
Commenting on the new development, Hunter Horsley, CEO and co-founder of Bitwise, acknowledged XRP as a reliable asset.
“XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. XRPL is unique with over 10 years of track record in reliability, while continuing to expand in capabilities. We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP).”
Brad Garlinghouse, CEO of Ripple, also weighed in on the rebranding, highlighting the increased global demand for exposure to crypto assets, especially in the institutional market.
“With the US regulatory environment for crypto becoming clearer, the demand for crypto-backed investment products like the Bitwise Physical XRP ETP is set to accelerate,” he said.
Ripple’s Continued Commitment to XRP
Ripple’s planned investment in the Bitwise Physical XRP ETP marks a strategic move to expand XRP’s utility and visibility in institutional markets. XRP’s unique capabilities, especially its speed, scalability, and reliability through the XRP Ledger, have made it an attractive option for financial institutions.
Meanwhile, Bitwise said it has been on a rapid growth trajectory in 2024. The company recently surpassed $10 billion in total client assets. According to the press release, the firm’s acquisition of ETC Group in August and subsequent rebranding of its European product suite signal its commitment to strengthening its presence in the region.
Earlier this month, the firm announced the launch of the Bitwise Aptos Staking ETP, offering investors access to digital assets. The product marked the tenth crypto ETP in Europe.
In October, Bitwise filed for an XRP spot ETF in the United States further demonstrating its ambition to lead the institutional-grade crypto investment market on a global scale.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Cryptocurrency News, News, XRP News
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
