Bitwise Asset Management announced today the rebranding of its European XRP exchange-traded product (ETP), now called the Bitwise Physical XRP ETP (GXRP).
Hunter Horsley, CEO and Co-Founder of Bitwise emphasized the unique attributes of XRP and its blockchain, the XRP Ledger (XRPL), noting its reliability over the past decade.
“We’re thrilled to offer investors an institutional-quality product with the Bitwise Physical XRP ETP (GXRP),”
He said.
Brad Garlinghouse, CEO of Ripple, highlighted the growing demand for crypto-backed investment products in 2024, fueled by more transparent regulatory frameworks in the U.S. He stressed that XRP’s utility and resilience make it a key player in the increasing global interest in crypto ETPs.
According to the report, XRP fully backs the Bitwise Physical XRP ETP, issued under a prospectus approved by Germany’s financial regulator, offering investors a secure way to gain exposure to the cryptocurrency.
This move is part of a broader update to the European product lineup. The ETP, initially launched 2022 under the ETC Group brand, provides European investors with direct exposure to XRP, valued at over $80 billion. Ripple, a significant player in the digital asset space, has also invested in the rebranded product, emphasizing its commitment to expanding XRP’s use cases in cross-border payments, DeFi, and tokenization. The size of the investment deal has not been disclosed.
This development follows Bitwise’s recent push into the cryptocurrency ETF space. The firm has filed a proposal with the SEC for an exchange-traded product (ETP) that combines exposure to both spot bitcoin and ether, the two largest cryptocurrencies. If approved, the ETP will hold these assets, weighted by market capitalization, and expand Bitwise’s ETF portfolio after its Bitcoin spot ETF launch. Bitcoin and ether account for about 70% of the $3.2 trillion crypto market, with Bitcoin as a store of value and ether powering decentralized applications on Ethereum.
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