Ripple Supports Bitwise- Ripple Partners with Bitwise on New XRP ETP for Europe
Ripple Supports Bitwise– Ripple has announced its plans to invest in Bitwise’s XRP exchange-traded product (ETP), which is undergoing a rebranding to enhance its presence in the European market. This move comes as Bitwise continues to expand its crypto product offerings and solidify its position in Europe.
Bitwise Rebrands European XRP ETP
On November 7, Bitwise revealed it would be rebranding its European XRP ETP, formerly known as the ETC Group Physical XRP, to the Bitwise Physical XRP ETP. While the product’s name and branding are changing, its ticker symbol (GXRP) will remain the same.
This rebranding comes as part of Bitwise’s broader strategy to boost its market share in Europe following its acquisition of the ETC Group in August 2024. The ETC Group, a prominent crypto investment firm, manages over $1 billion in assets, including popular physical crypto ETPs like the Bitcoin ETP (BTCE), Ethereum with Staking (ET32), and Solana (ESOL).
What is a Physical ETP?
A physical ETP (Exchange-Traded Product) tracks the performance of an underlying asset, such as a cryptocurrency, which the product issuer also buys and holds directly. The Bitwise Physical XRP ETP will allow European investors to gain exposure to XRP through a product that is physically backed, meaning the actual XRP tokens are held by the issuer.
Bitwise’s Strategy in Expanding European Operations
Hunter Horsley, co-founder and CEO of Bitwise, emphasized that XRP and the XRP Ledger are among the most “familiar” and “trusted” blockchain technologies in the crypto space. He expressed excitement about providing investors with access to the Bitwise Physical XRP ETP (GXRP), a product aimed at offering institutional-quality exposure to XRP.
In addition to the XRP-focused product, Bitwise is also rebranding its entire European ETP portfolio as part of its effort to expand its reach across Europe. The firm’s growth trajectory in 2024 has been strong, with over $10 billion in total client assets. As part of this expansion, Bitwise plans to introduce more institutional-grade crypto ETPs in the future.
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