#Ripple announces plans to invest in the rebranded physical XRP exchange-traded product (ETP) from leading asset manager Bitwise.
XRP latest news today: The San Francisco-based company made the disclosure after Bitwise renamed its European XRP ETP, formerly dubbed the ETC Group Physical XRP (GXRP). The renaming is part of Bitwise’s commitment to rebranding its suite of products in Europe.
Following the rebranding, the ETP is now Bitwise Physical XRP, operating under the same GXRP ticker. This rebranding comes three months after Bitwise entered the European market through its acquisition of ETC Group in August.
ETC Group, which offered several physical crypto ETPs, including GXRP and Bitcoin ETP (BTCE), had $1 billion in AUM. Launched in 2022, GXRP offers European investors regulated exposure to the fifth biggest cryptocurrency by market cap through a 100% physically backed ETP. The product is issued under a prospectus approved by the German authorities.
Commenting on the development, Bitwise co-founder and CEO Hunter Horsley highlighted XRP and XRPL among the most famous crypto projects. The executive expressed excitement about granting investors access to an institutional-grade product like the XRP ETP.
