Having filed for a spot XRP ETF in the US, Bitwise has announced that it has rebranded its XRP ETP as it expands its operations in Europe.
At this point, Bitwise changed the name of its XRP ETP to “Bitwise Physical XRP ETP.”
Following this decision, Ripple announced that it will invest in Bitwise's XRP exchange-traded product (ETP) in order to strengthen its presence in the European market.
“Bitwise Asset Management today announced that its European-traded product (GXRP) has been renamed to Bitwise Physical XRP ETP as part of a broader rebranding of its European product suite.”
Bitwise CEO Hunter Horsley stated that XRP and XRP Ledger are one of the most well-known and trusted blockchains in the space, saying:
“XRP and XRP Ledger are among the most well-known and trusted blockchains in crypto.
“XRPL is unparalleled in its 10+ year track record of reliability and continues to expand its capabilities. We are excited to provide investors with access to an institutional-grade product with the Bitwise Physical XRP ETP (GXRP).”
Following this decision, Ripple also announced plans to invest an unspecified amount in the newly rebranded Bitwise Physical XRP ETP.
“Global demand for exposure to the crypto asset class is set to explode in 2024, supported by growing interest in crypto-backed investment offerings. With the U.S. regulatory environment for crypto finally becoming clearer, this trend is expected to accelerate, further driving demand for crypto ETPs like the Bitwise Physical XRP ETP,” Ripple Labs CEO Brad Garlinghouse said in a statement.
As you may recall, Bitwise has recently increased its crypto-based products and launched its first Aptos staking ETP in November.
*This is not investment advice.
