- • Ripple said it would invest in the Bitwise Physical XRP ETP (exchange-traded product), but did not disclose financial details.
- • Bitwise is rebranding its European XRP ETP, currently called the ETC Group Physical XRP, to the Bitwise Physical XRP ETP, while keeping the ticker GXRP unchanged.
- • The rebranding is part of Bitwise’s efforts to expand its operations in Europe, where it recently entered the market by acquiring ETC Group, a crypto investment firm with $1 billion in assets under management.
Ripple recently announced an investment in the rebranded Bitwise Physical XRP exchange-traded product (ETP). The move comes as Bitwise rebrands its entire European ETP portfolio and expands its presence across the continent.
Bitwise Rebrands its XRP ETP
Bitwise has rebranded its European XRP ETP, previously called the ETC Group Physical XRP, to the Bitwise Physical XRP ETP. The ticker, GXRP, remains unchanged.
The rebranded ETP is designed to provide European investors with exposure to XRP through a physically-backed product that holds the actual cryptocurrency. Bitwise acquired the ETC Group, the issuer of the XRP ETP, back in August as part of its European expansion.
Besides the XRP ETP rebrand, Bitwise plans to rebrand its entire European ETP portfolio. The company has seen significant growth in 2022, with over $10 billion in total client assets. More crypto-based ETP product launches are planned.
Ripple Invests in the Rebranded ETP
Ripple has announced it will invest in the rebranded Bitwise Physical XRP ETP (GXRP), although financial details were not disclosed.
Ripple CEO Brad Garlinghouse noted the surge in demand for crypto investment products this year. He believes this trend will accelerate further as the regulatory environment in the U.S. becomes clearer, driving more interest in crypto ETPs like GXRP.
Conclusion
The rebranded Bitwise Physical XRP ETP aims to meet growing European demand for regulated and physically-backed cryptocurrency exposure. With Ripple’s investment, the product is well-positioned to capitalize on expanding interest in crypto ETPs.
