Ripple Invests in Bitwise’s Rebranded XRP ETP Amid European Expansion
Ripple recently made an investment in Bitwise’s XRP Exchange-Traded Product (ETP), which has been rebranded as the Bitwise Physical XRP ETP (GXRP). This move is part of Bitwise’s plan to expand its presence in the European cryptocurrency investment market.
The rebranded GXRP ETP now offers a 100% physically backed exposure to XRP, the world’s fifth-largest cryptocurrency with a market cap of over $80 billion. The XRP Ledger (XRPL) is gaining popularity for its solutions in cross-border payments, decentralized finance (DeFi), and asset tokenization.
Bitwise CEO Hunter Horsley highlighted the credibility and innovation of XRP and the XRP Ledger, which have built a strong reputation in the crypto industry over the past decade. Ripple CEO Brad Garlinghouse also commented that with clearer regulatory guidelines in the US, the demand for crypto ETPs like the Bitwise Physical XRP ETP is expected to grow.
Bitwise’s rebranding comes after its acquisition of ETC Group, a crypto investment firm managing $1 billion worth of assets, including ETPs for Bitcoin (BTCE), Ethereum with staking (ET32), and Solana (ESOL). The company aims to revamp its entire European ETP portfolio, citing a substantial increase in client assets this year.
In addition to the rebranding, Bitwise has introduced an Aptos staking ETP and filed for a Bitcoin-Ether ETF, indicating its strong presence and ambitions in the evolving crypto market. Stay updated by following The Crypto Times on Google News.
