Bitwise Asset Management said it has rebranded its ETC Group Physical XRP to Bitwise Physical XRP Exchange-Traded Product (ETP). Bitwise noted that the rename is part of a larger rebranding of its European product portfolio. The new product marks a huge achievement for the XRP community as it unlocks more opportunities for the coin.
Ripple’s Interest in The Bitwise XRP ETP
Shortly after the announcement, Ripple wasted no time in announcing its intentions to invest in the Bitwise Physical XRP ETP. Meanwhile, European investors can gain exposure to XRP through GXRP, a 100% physically backed ETP created by Bitwise (formerly ETC Group). The asset manager launched this product in 2022 and offered it under a prospectus approved by Germany’s financial regulator.
Ripple’s CEO Brad Garlinghouse claims the demand for crypto ETPs like the Bitwise Physical XRP ETP will increase with the U.S. crypto regulatory environment becoming more clear. “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,” Garlinghouse added.
XRP Benefits from XRPL
Notably, XRP continues to gain popularity in the crypto and blockchain space. The coin is now trading as the sixth-largest cryptocurrency with a market capitalization of $84.2 billion, per CoinMarketCap data. Many attribute XRP’s growing relevance to XRP Ledger’s (XRPL) expanding use cases, particularly in cross-border remittances, institutional DeFi, and real-world tokenization.
The XRPL is noted for its speed, efficiency, and dependability, which are crucial characteristics for the many financial services corporations that use it. In the first quarter of 2024, the XRPL experienced a substantial increase in transaction activity.
Specifically, the on-chain transaction count increased by 108%, from 121.03 million in Q4 2023 to around 251.39 million by the end of Q1 2024. This extraordinary rise demonstrates the XRPL network’s increasing popularity and utilization.
Bitwise Expanding Portfolio
Likewise, Bitwise has experienced substantial growth in 2024, recently exceeding $10 billion in total client assets. The firm acquired European ETP issuer, ETC Group in August, while strategically expanding its operations in Europe.
Additionally, Bitwise intends to introduce other institutional-grade crypto ETPs, including the Bitwise Aptos Staking ETP, already trading on the SIX Swiss Exchange. Recently, the firm announced the acquisition of Attestant, a top Ethereum staking provider.
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