Ripple Endorses Bitwise Physical XRP ETP in Rebranding Effort

Hey there! Have you heard the news about Ripple backing the Bitwise Physical XRP ETP after its rebranding? It’s pretty exciting stuff. The Bitwise Physical XRP ETP offers institutional-grade exposure to XRP through a physically backed exchange-traded product.

So, here’s the scoop: Bitwise recently rebranded its European XRP ETP, and Ripple is planning to invest in it. The ETP, now called Bitwise Physical XRP ETP and trading under the ticker GXRP, is fully physically backed and has the stamp of approval from German regulators.

This move by Bitwise is part of their strategy to expand their presence in the European market, especially after acquiring ETC Group, which manages a whopping $1 billion in assets, including various physical crypto ETPs. XRP, currently the fifth-largest crypto asset with a market cap over $80 billion, has been gaining popularity for its versatility in cross-border remittances, institutional DeFi, and real-world tokenization on the XRP Ledger.

Bitwise CEO Hunter Horsley spoke highly of XRP and the XRP Ledger, emphasizing their reliability and expanding capabilities over the past 10 years. Ripple CEO Brad Garlinghouse also chimed in, mentioning that investors are increasingly looking for exposure to crypto-related investment products, and the US regulatory environment is becoming clearer, which will likely boost demand for crypto ETPs like the Bitwise Physical XRP ETP.

With Bitwise overseeing more than $10 billion in assets, they’ve even filed with the SEC to launch a spot XRP ETF in the US market, making XRP a hot topic in the world of crypto investments. It looks like the future is bright for XRP and its investors!