Key Takeaways
- Bitwise has rebranded its European XRP ETP, with Ripple planning an investment.
- The Bitwise Physical XRP ETP is physically backed and approved by German regulators.
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Ripple will invest in Bitwise’s XRP exchange-traded product (ETP) following its rebranding. The fund, previously known as ETC Group Physical XRP, is now named Bitwise Physical XRP ETP, said Bitwise Asset Management in a Wednesday press release.
The ETP, trading under the ticker GXRP, was launched in 2022 and is 100% physically backed, operating under a prospectus approved by German financial regulators.
The rebranding is part of Bitwise’s strategy to enhance its presence in the European market following the acquisition of ETC Group, which manages $1 billion in assets and includes various physical crypto ETPs, such as the newly launched Bitwise Aptos Staking ETP on the SIX Swiss Exchange.
XRP, currently the fifth-largest crypto asset with a market cap exceeding $80 billion, has gained traction through expanded use cases on the XRP Ledger, particularly in cross-border remittances, institutional DeFi, and real world tokenization.
“XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto,” said Hunter Horsley, CEO and co-founder of Bitwise. “XRPL is unique with over 10 years of track record in reliability, while continuing to expand in capabilities.”
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