Bitwise rebrands XRP ETP with Ripple backing – Crypto ETF issuer.
Bitwise Asset Management recently announced a rebranding of its European XRP exchange-traded product, now known as the Bitwise Physical XRP ETP (GXRP), with support from Ripple. This move is part of a wider update to Bitwise’s European product suite, offering European investors exposure to XRP through an institutional-grade vehicle.
The Bitwise Physical XRP ETP was launched in 2022 and is fully backed, providing a secure option for investors. Ripple’s investment in the rebranded product signals confidence in the ETP’s potential, although the specifics of the deal have not been disclosed.
In light of the evolving U.S. regulatory landscape for crypto, Ripple’s CEO, Brad Garlinghouse, commented on the increasing global demand for crypto exposure. This shift is expected to boost demand for crypto ETPs like the Bitwise Physical XRP ETP.
With a total of $10 billion in client assets under management, Bitwise has been making significant moves in the market. The acquisition of ETC Group and Attestant, a non-custodial Ethereum staking service, are recent examples of the firm’s expansion.
In addition to the rebranding, Bitwise has proposed a Bitcoin-Ethereum-based mixed crypto ETF to U.S. regulators. This new fund aims to provide investors with a balanced portfolio of the two leading cryptocurrencies, catering to the growing interest in diversified crypto investments.
Overall, Bitwise’s rebranding of the XRP ETP with Ripple’s backing reflects the company’s commitment to innovation and meeting the evolving needs of investors in the crypto space.
