Ripple Supports Bitwise Physical XRP ETP Amid Rebrand – Cryptocurrency Update

Ripple is throwing its support behind Bitwise’s newly rebranded XRP exchange-traded product (ETP). The product, now called Bitwise Physical XRP ETP, has received Ripple’s investment as it aims to offer institutional-grade exposure to XRP through a physically backed exchange-traded product. This move comes after Bitwise’s acquisition of ETC Group, a major player managing $1 billion in assets, which includes various physical crypto ETPs.

The Bitwise Physical XRP ETP, trading under the ticker symbol GXRP, was originally launched in 2022 and is fully backed by physical assets, with approval from German financial regulators. The rebranding is part of Bitwise’s strategy to expand its presence in the European market and capitalize on the growing demand for crypto-related investment products.

XRP, currently ranked as the fifth-largest crypto asset with a market cap exceeding $80 billion, has been gaining popularity due to its expanding use cases on the XRP Ledger. These use cases range from cross-border remittances to institutional DeFi and real-world tokenization, making XRP a sought-after asset for investors looking for utility-driven digital assets.

Both Hunter Horsley, CEO and co-founder of Bitwise, and Ripple CEO Brad Garlinghouse have expressed optimism about the future of crypto-related investment products, especially amid growing clarity from US regulators. They believe that assets like XRP, with their real-world utility and liquidity, are well-positioned to meet the demand from investors seeking exposure to resilient digital assets.

Bitwise, managing assets of over $10 billion, recently filed with the SEC to launch a spot XRP ETF in the US market. This move signals a growing interest in XRP-related investment products, with 21Shares and Canary Capital also entering the XRP ETF race with their own proposals. As the regulatory environment for crypto becomes clearer, the momentum for crypto ETPs like the Bitwise Physical XRP ETP is expected to increase, providing investors with more opportunities to access valuable and utility-driven digital assets like XRP.