Bitwise Asset Management announced on Wednesday that Ripple will be investing in their XRP exchange-traded product (ETP) after its rebranding. The fund, formerly known as ETC Group Physical XRP, has been renamed as Bitwise Physical XRP ETP.
The GXRP ETP, which was launched in 2022, is fully backed and operates under a prospectus approved by German financial regulators.
This move is part of Bitwise’s strategy to increase its presence in the European market following the acquisition of ETC Group, which manages $1 billion in assets and offers various physical crypto ETPs, including the newly launched Bitwise Aptos Staking ETP on the SIX Swiss Exchange.
XRP, currently ranked as the fifth-largest cryptocurrency with a market cap of over $80 billion, has gained popularity due to its expanding use cases on the XRP Ledger. These include cross-border remittances, institutional DeFi, and tokenization in the real world.
Hunter Horsley, CEO and co-founder of Bitwise, stated, “XRP and the XRP Ledger are well-established and trusted blockchains in the crypto world. The XRPL has a strong track record of reliability over the past decade and continues to grow in capabilities.”
