Ripple Announces Investment in Rebranded Bitwise XRP ETP

Exciting news for European investors! Ripple has just announced an investment in Bitwise’s XRP exchange-traded product (ETP), which is being rebranded to strengthen its presence in the European market. On Nov. 7, Bitwise revealed that its European XRP ETP, previously known as the ETC Group Physical XRP, will now be called the Bitwise Physical XRP ETP. Don’t worry, the ticker name, GXRP, will remain the same.

This move comes after Bitwise expanded its operations in Europe by acquiring the ETC Group, a crypto investment firm with $1 billion in assets, including physical crypto ETPs like Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), MSCI Digital Assets Select 20 (DA20), and GXRP. A physical ETP is an offering that tracks the performance of underlying assets, which are held by the product’s issuer.

The Bitwise Physical XRP ETP aims to provide European investors with exposure to XRP through a physically backed product that holds the underlying asset. Bitwise’s co-founder and CEO, Hunter Horsley, mentioned that XRP and the XRP Ledger are some of the most “familiar” and trusted blockchains in the industry. They are excited to offer investors access to XRP through an institutional quality product like the Bitwise Physical XRP ETP (GXRP).

In addition to the rebranding, Bitwise has seen substantial growth this year, with over $10 billion in total client assets. The company plans to introduce more institutional-grade crypto ETPs soon, following the recent launch of its Aptos staking ETP on Nov. 12. They have also filed an S-1 registration for an ETF tied to Bitcoin (BTC) and Ether (ETH) on Nov. 26.

Ripple’s investment in GXRP further demonstrates the growing demand for crypto-backed investment products in global markets. Ripple CEO Brad Garlinghouse noted that as the US regulatory environment for crypto becomes clearer, the trend of demand for crypto ETPs like the Bitwise Physical XRP ETP is expected to accelerate.

Overall, this partnership between Ripple and Bitwise is a positive step towards making crypto investments more accessible and secure for European investors. Keep an eye out for more updates as Bitwise continues to expand its operations and offerings across the continent.