Bitwise is revolutionizing institutional crypto investing with the rebranded XRP ETP, which represents over $10 billion in client assets.
Bitwise Asset Management, a global leader in financial services, has announced the rebranding of its European XRP exchange-traded product (ETP), which was previously known as the ETC Group Physical XRP, to the Bitwise Physical XRP ETP.
Bitwise announced the change in an official press release on Wednesday, stating that it is part of a broader initiative to improve its European product portfolio in the wake of its recent acquisition of ETC Group, a prominent ETP issuer in Europe. In addition to the rebranding, Ripple, the company responsible for XRP, has disclosed its intention to invest in the redesigned product, indicating its increasing involvement in the European digital asset market.
The Bitwise Physical XRP ETP provides European investors with a transparent, regulated method of acquiring exposure to XRP, the world’s fifth-largest digital asset by market capitalization.
The tokenization of real-world assets, decentralized finance (DeFi), and cross-border remittances are among the sectors in which XRP has garnered widespread adoption, with a current valuation of over $80 billion. XRP was released in 2012.
The rebranded product is 100% supported by XRP, according to Bitwise. The ETP was initially introduced in 2022 and is subject to regulation by Germany’s financial authorities. Its objective is to offer a secure investment option for institutions and individual investors who wish to investigate the crypto market without engaging directly with digital assets.
Hunter Horsley, CEO and co-founder of Bitwise, acknowledged XRP as a dependable asset in response to the recent development.
“The XRP Ledger and XRP are two of the most recognizable and trusted blockchains in the cryptocurrency industry. XRPL has a distinctive track record of reliability spanning over a decade, and it is constantly expanding its capabilities. We are delighted to offer investors access to an institutional-quality product in the form of the Bitwise Physical XRP ETP (GXRP).”
Brad Garlinghouse, the CEO of Ripple, also spoke about the rebranding, emphasizing the heightened global demand for exposure to crypto assets, particularly in the institutional market.
“The demand for crypto-backed investment products such as the Bitwise Physical XRP ETP is expected to increase as the regulatory environment for crypto in the United States becomes more transparent,” he stated.
Ripple’s anticipated investment in the Bitwise Physical XRP ETP is a strategic initiative to enhance the visibility and utility of XRP in institutional markets. The XRP Ledger’s speed, scalability, and reliability are among the distinctive features that have rendered XRP an appealing choice for financial institutions.
In the interim, Bitwise reported that it has been experiencing significant growth in 2024. The company’s total client assets recently exceeded $10 billion. The firm’s commitment to bolstering its presence in the region is indicated by the rebranding of its European product suite and the acquisition of ETC Group in August, as stated in the press release.
The company recently announced the launch of the Bitwise Aptos Staking ETP, which provides investors with access to digital assets. The product was the tenth crypto ETP in Europe.
In October, Bitwise submitted an application for an XRP spot ETF in the United States, which serves as an additional indication of its goal to dominate the global institutional-grade crypto investment market.
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