Ripple to Invest in Bitwise’s Rebranded XRP ETP for European Expansion
Ripple has exciting news to share with crypto enthusiasts! The company has decided to invest in Bitwise’s XRP Exchange-Traded Product (ETP), which has now been rebranded as the Bitwise Physical XRP ETP (GXRP). This rebranding is part of Bitwise’s strategy to expand its presence in the European crypto investment market.
What does this mean for investors? Well, the rebranded GXRP ETP offers 100% physically backed exposure to XRP, the fifth-largest cryptocurrency globally, boasting a market cap of over $80 billion. The XRP Ledger (XRPL) is making waves in the crypto world by offering solutions for cross-border payments, decentralized finance (DeFi), and real-world asset tokenization.
According to Bitwise CEO Hunter Horsley, XRP and the XRP Ledger are highly trusted names in the crypto space, with a track record of reliability and innovation spanning over a decade. Ripple’s CEO, Brad Garlinghouse, sees a bright future for crypto ETPs, especially with the clearer regulatory environment in the U.S., driving demand for offerings like the Bitwise Physical XRP ETP.
The rebranding comes on the heels of Bitwise’s acquisition of ETC Group, a crypto investment firm managing a whopping $1 billion in assets and offering ETPs for Bitcoin, Ethereum with staking, and Solana. With plans to revamp its European ETP portfolio and expand operations to accommodate over $10 billion in client assets this year, Bitwise is certainly making big moves in the industry.
But that’s not all – Bitwise has further diversified its portfolio by introducing an Aptos staking ETP and filing for a Bitcoin-Ether ETF, demonstrating the company’s commitment to staying ahead of the curve in the ever-evolving crypto market.
It’s an exciting time in the world of crypto, and with Ripple and Bitwise making strategic investments and innovations, the future looks bright for the industry. Stay tuned for more updates as we continue to track these developments. And remember to follow The Crypto Times on Google News to stay informed and up-to-date on all things crypto!
