Bitwise Asset Management has announced a rebrand of its European XRP exchange traded product (ETP), which has been renamed the Bitwise Physical XRP ETP (GXRP), effective from 27 November 2024. The move is backed by Ripple, the blockchain company behind the XRP token, which has also committed to investing in the newly named product.
On Wednesday, Bitwise made the announcement, which is the next step in Bitwise’s broader strategy to expand its European product offer. The rebranding is in line with European institutional growing interest in cryptocurrency products, as of this time the regulatory landscape in the US is becoming more familiar.
Bitwise Physical XRP ETP Launched in 2022
The Bitwise Physical XRP ETP, launched in 2022, is a fully backed institutional product designed to enable European crypto investors direct access to XRP, one of the top global crypto currencies. It is approved under a prospectus approved by Germany’s financial regulator to the highest standards.
In the statement, Ripple CEO Brad Garlinghouse said that the rebranding had come thanks to the changing U.S. regulatory environment, which had fostered the growing global demand for investing in cryptocurrency. Garlinghouse says with the U.S. regulatory framework for crypto coming into near view and demand for global crypto exposure set to accelerate, the need for ETPs also accelerates.
Ripple wouldn’t disclose how much money it plunked down for the Bitwise Physical XRP ETP, but the strategic support indicates that it’s becoming more convinced that cryptocurrency exchange traded products are the long-term solution.
Now with $10 billion in total client assets under management, Bitwise has continued to enlarge its product portfolio. The firm also recently broke news with its purchase of European ETP issuer ETC Group and its purchase of Attestant, a non-custodial Ethereum staking service. The firm is also hoping to increasingly get a foot in the U.S. market with a new mixed crypto ETF proposal.
Earlier on Nov. 26, Bitwise filed with the U.S. Securities and Exchange Commission (SEC) to launch a new Bitcoin/Ethereum based mixed crypto ETF. Operating as a diversified fund that seeks to attract investors into two leading cryptocurrencies is what the fund is founded on, said Bitwise Chief Investment Officer, Matt Hougan.
Bitwise’s rebranding of its XRP ETP and growing efforts to expand its presence solidify Bitwise as a major player in the crypto investment space, as cryptocurrency adoption continues among institutional investors.
