- Bitwise begins rebranding of European product suite, renames physical XRP ETP
- Ripple announces plans to invest in Bitwise Physical XRP ETP
November 27, 2024. Frankfurt, Germany: Bitwise Asset Management announced today that it has renamed its European XRP exchange-traded product (Ticker GXRP; ISIN DE000A3GYNB0) as part of a broader rebranding of its European product suite. In conjunction with the news, Ripple, a leading provider of digital asset infrastructure, has announced that it will invest in the rebranded product-the Bitwise Physical XRP ETP (formerly ETC Group Physical XRP).
XRP, the world's fifth-largest crypto asset at a market cap of over $80 billion, has experienced a surge in popularity due to the expanding use cases on the XRP Ledger (XRPL) particularly in areas like cross-border remittances, institutional DeFi, and real world tokenization. The XRPL is known for its speed, efficiency, and reliability, which are important features for the many financial services firms that utilize it in their businesses.
European investors can gain exposure to XRP through GXRP, the 100% physically backed ETP launched by Bitwise (formerly ETC Group) in 2022 with approval from Germany's financial regulator.
Hunter Horsley, CEO and Co-Founder at Bitwise:
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)
Brad Garlinghouse, CEO at Ripple:
Global demand for exposure to the crypto asset class has exploded in 2024, fueled by a growing interest in crypto-backed investment offerings. With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP. As one of the most valuable, liquid, and utility-driven digital assets, XRP is at the forefront of this momentum, standing out as a cornerstone for those seeking access to assets that are resilient and have real-world utility.
Bitwise has seen significant growth in 2024, recently crossing over $10B in total client assets. The firm acquired leading European ETP issuer, ETC Group in August, and is set to rebrand its European ETP portfolio while strategically expanding its operation in Europe. Bitwise plans to launch additional institutional-grade crypto ETPs, including the Bitwise Aptos Staking ETP which began trading on the SIX Swiss Exchange on 19 November 2024, and a filing of a Form S-1 for an XRP spot ETF in the US.
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