Ripple Investing in Rebranded Bitwise XRP ETP: What You Need to Know
Exciting news in the world of cryptocurrency! Ripple has just announced an investment in Bitwise’s XRP exchange-traded product (ETP) as part of a rebranding effort to strengthen its presence in the European market.
Bitwise recently revealed that they will be renaming their European XRP (XRP) ETP from ETC Group Physical XRP to Bitwise Physical XRP ETP, while keeping the ticker as GXRP. This move comes after Bitwise expanded its operations in Europe by acquiring the ETC Group, a crypto investment firm overseeing $1 billion in assets, which includes various physical crypto ETPs such as Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), MSCI Digital Assets Select 20 (DA20), and GXRP.
A physical ETP is an investment product that mirrors the performance of underlying assets, which are bought and held by the issuer of the product. The Bitwise Physical XRP ETP aims to provide European investors with exposure to XRP through a physically backed product that holds the actual asset.
Bitwise co-founder and CEO, Hunter Horsley, expressed excitement about the move, stating that XRP and the XRP Ledger are among the most well-known and trusted blockchains in the industry. He emphasized the importance of offering investors access to these assets through an institutional-quality product like the Bitwise Physical XRP ETP (GXRP).
In addition to the rebranding, Bitwise plans to revamp its entire European ETP portfolio as part of a broader effort to expand its presence across the continent. The company has experienced significant growth, with over $10 billion in total client assets in 2024, and has plans to introduce more institutional-grade crypto ETPs in the future.
Ripple’s investment in GXRP further solidifies the partnership, with Ripple CEO Brad Garlinghouse noting a surge in global demand for crypto-backed investment products. As regulatory environments around cryptocurrency become clearer, the trend of increased demand for crypto ETPs like the Bitwise Physical XRP ETP is expected to continue to grow.
It’s an exciting time for cryptocurrency enthusiasts as companies like Ripple and Bitwise work to make these assets more accessible to a wider audience. Stay tuned for more developments in the ever-evolving world of crypto investing!
