Bitwise Asset Management Renames XRP ETP Fund
November 27, 2024
Asset management firm Bitwise has announced the rebranding of its European XRP ETP (exchange-traded product). This comes as part of its broader strategy to strengthen its position in the cryptocurrency investment space.
The product, now called the Bitwise Physical XRP ETP (GXRP), represents a renewed commitment to Ripple’s XRP as a primary investment vehicle. Click here for advertising services or press releases for the crypto project
Launching a physical product backed by XRP
The rebranding marks a significant step for Bitwise, which entered the European market earlier this year after acquiring ETC Group, a local issuer of crypto exchange-traded products. The GXRP ETP, which is fully backed by physical assets and regulated by the German financial authority, provides European investors with a secure way to invest in XRP.
The move comes in line with Ripple Labs’ announcement of an investment in GXRP, signaling confidence in XRP’s potential amid growing institutional interest. Ripple CEO Brad Garlinghouse emphasized XRP’s unique value, especially in light of the growing global demand for cryptocurrency investment products.
The announcement, quoting Garlinghouse, reads:
“XRP is at the forefront of utility-backed digital assets,”
He also expects regulatory clarity in the US to spur further interest in crypto-backed offerings. Notably, Ripple has been at the heart of XRP adoption, leveraging the XRP Ledger (XRPL) for applications such as cross-border remittances, tokenization, and institutional DeFi. XRPL is celebrated for its efficiency and reliability, supporting XRP’s position as the fifth-largest cryptocurrency. He also expects regulatory clarity in the US to spur further interest in crypto-backed offerings. Notably, Ripple has been at the heart of XRP adoption, leveraging the XRP Ledger (XRPL) for applications such as cross-border remittances, token issuance, and institutional DeFi.
Celebrated for its efficiency and reliability, the XRPL product supports XRP’s position as the fifth largest cryptocurrency.
“XRP and the XRP Ledger are among the most trusted infrastructures in the crypto world,” said Hunter Horsley, CEO of Bitwise.
XRP, which has a market cap of over $82 billion, is up nearly 3% on the news. According to BeInCrypto data, the token is trading at $1.43 at the time of writing.
On the other hand, Bitwise’s commitment to XRP extends beyond Europe. In October, the company amended its application for a Ripple XRP ETF in the United States after filing earlier that month.
There are a number of applications that reflect the growing momentum in the race to launch an XRP ETF. Competitors such as Canary Capital and WisdomTree have recently entered the fray. Garlinghouse recently expressed optimism, saying that approval is “inevitable.”
“We can clearly see that ETFs are popular… The SEC was dragged, kicking and screaming, to approve a Bitcoin ETF in January… $17 billion flowed into the fastest growing ETF in history. It clearly shows that there is demand from institutions and retailers to access the asset class,”
“Regulatory clarity will stimulate crypto-backed investment offerings,” Horsley noted.
Bitwise’s moves highlight growing institutional interest in crypto-backed products. The company’s entry into Europe reflects its strategic shift to capitalize on global opportunities, even as U.S. markets become more complex.