- November 27, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Bitwise Launches Rebranded XRP ETF, Ripple’s Investment Drives Market Growth appeared first on Coinpedia Fintech News
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.
Ripple Steps In To Invest
Also, Ripple, a leading digital asset infrastructure company, has revealed plans to invest in the newly rebranded ETP, underscoring its commitment to the growth of the XRP ecosystem. Notably, the news triggered an XRP surge as it shot up to $1.43, up over 5% in the last 24 hours.
European investors can gain exposure to XRP through GXRP, the 100% physically backed ETP launched by Bitwise (formerly ETC Group) in 2022 issued under a prospectus approved by Germany’s financial regulator. According to Bitwise, the ETP offers exposure to XRP via a secure, institutional-grade investment mechanism.
“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.
Ripple CEO Weighs In
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.
Bitwise’s Expansion Plans
Notably, 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 further plans to launch additional institutional-grade crypto ETPs, including the Bitwise Aptos Staking ETP which began trading on the SIX Swiss Exchange on November 19, 2024, and a filing of a Form S-1 for an XRP spot ETF in the US.
FAQs
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.
