Ripple has made an investment in Bitwise’s XRP Exchange-Traded Product (ETP), which has been rebranded from the ETC Group Physical XRP to the Bitwise Physical XRP ETP (GXRP). This rebranding is in line with Bitwise’s intention to enhance its standing in the European crypto investment market.
The newly named GXRP ETP offers 100% physical backing for exposure to XRP, the fifth-largest cryptocurrency globally with a market capitalization surpassing $80 billion. The XRP Ledger (XRPL) is continuously growing in popularity and presents solutions for cross-border payments, decentralized finance (DeFi), and the tokenization of real-world assets.
Hunter Horsley, the CEO of Bitwise, underlined that XRP and the XRP Ledger are highly regarded in the crypto space, having demonstrated over a decade of dependability and innovation. Brad Garlinghouse, Ripple’s CEO, noted, “With the U.S. regulatory environment for crypto becoming clearer, this trend is likely to speed up, thereby increasing the demand for crypto ETPs like the Bitwise Physical XRP ETP.”
The rebranding came after Bitwise’s acquisition of ETC Group, a crypto investment firm overseeing $1 billion in assets, such as ETPs for Bitcoin (BTCE), staking-enabled Ethereum (ET32), and Solana (ESOL). The company aims to overhaul its entire European ETP lineup and expand its operations, given that it has managed over $10 billion in client assets this year.
Furthermore, Bitwise has broadened its portfolio by launching an Aptos staking ETP and filing for a Bitcoin-Ether ETF, which reflects its aspirations in the ever-evolving crypto market.
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