Ripple To Invest in Bitwise’s Rebranded XRP ETP Amid European Expansion

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Cryptotimes2024/11/27 19:11

By:Dhara Chavda

Ripple has announced an investment in Bitwise’s XRP Exchange-Traded Product (ETP), now rebranded from the ETC Group Physical XRP to the Bitwise Physical XRP ETP (GXRP). The rebranding aligns with Bitwise’s strategy to strengthen its presence in the European crypto investment market.

The rebranded GXRP ETP provides 100% physically backed exposure to XRP, the world’s fifth-largest cryptocurrency with a market cap exceeding $80 billion. The XRP Ledger (XRPL) continues to gain traction, offering solutions for cross-border payments, decentralized finance (DeFi), and real-world asset tokenization.

Bitwise CEO Hunter Horsley emphasized that XRP and the XRP Ledger are among the most trusted names in crypto, offering over a decade of reliability and innovation. Brad Garlinghouse, Ripple’s CEO, added, “With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP.”

The rebranding follows Bitwise’s acquisition of ETC Group, a crypto investment firm managing $1 billion in assets, including ETPs for Bitcoin (BTCE), Ethereum with staking (ET32), and Solana(ESOL). The company plans to revamp its entire European ETP portfolio and expand operations, citing over $10 billion in client assets this year.

Bitwise has also expanded its portfolio with the launch of an Aptos staking ETP and a Bitcoin-Ether ETF filing, signaling its ambitions in the evolving crypto market.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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