In the latest development today, Bitwise Asset Management has announced that it has renamed its European XRP exchange-traded product as part of a broader rebranding of its European product suite.
In a show of support, Ripple announced plans to invest in the newly renamed ETP, reinforcing its dedication to the growth of the XRP ecosystem. Following the announcement, XRP’s price surged to $1.43, up 5% in the past 24 hours.
European investors can now access XRP through GXRP, a fully backed ETP launched by Bitwise (formerly ETC Group) in 2022. Approved by Germany’s financial regulator, GXRP offers a secure, institutional-grade way to invest in XRP.
Hunter Horsley, CEO and Co-Founder of Bitwise, highlighted the importance of the product:
“XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. XRPL is unique with over 10 years of track record in reliability, while continuing to expand in capabilities. We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP),” shared Hunter Horsley, CEO and Co-Founder at Bitwise.
Brad Garlinghouse, CEO of Ripple, noted that the Global demand for exposure to the crypto asset class has exploded in 2024, fueled by a growing interest in crypto-backed investment offerings.
Garlignhouse also remarked that with the US regulatory environment expected to become more clear after Trump’s comeback, the trend will further accelerate and drive demand for crypto ETPs like the Bitwise Physical XRP ETP.
2024 has been a breakout year for Bitwise. The firm recently surpassed $10 billion in client assets and, in August, acquired leading European ETP issuer ETC Group. The rebranding of its European portfolio is part of a strategic push to strengthen its presence in the region.
In addition to GXRP, Bitwise is rolling out new products, including the Bitwise Aptos Staking ETP, which began trading on the SIX Swiss Exchange on November 19, 2024. The company is also targeting the U.S. market, with plans to launch an XRP spot ETF, as outlined in its recent Form S-1 filing.
Ripple’s investment in GXRP and its strategic moves aim to accelerate global adoption and foster growth for the XRP network.
Bitwise plans to expand with more institutional-grade crypto ETPs, including launching an XRP spot ETF in the U.S. and the Aptos Staking ETP.
As demand for crypto products heats up, Bitwise appears ready to deliver on all fronts.
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