Ripple supports Bitwise Physical XRP ETP following its rebranding

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Bitwise Converts European XRP ETP, Ripple Plans to Invest The Bitwise Physical XRP ETP is physically backed and approved by German regulators.

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After rebranding, Ripple will invest in Bitwise's XRP exchange-traded product (ETP). The fund, formerly known as ETC Group Physical XRP, has now been renamed Bitwise Physical XRP ETP, Bitwise Asset Management said in a press release on Wednesday.

The ETP, trading under ticker GXRP, was launched in 2022 and is 100% physically backed, operating under a prospectus approved by German financial regulators.

The branding is part of Bitwise's strategy to increase its presence in the European market after the acquisition of ETC Group, which has $1 billion in assets under management and includes various physical crypto ETPs, such as the newly launched Bitwise Aptos Staking ETP on six Swiss exchanges.

Currently the fifth largest crypto asset with a market cap of more than $80 billion, XRP Ledger has seen significant interest in cross-border remittances, institutional deflation, and real-world tokenization.

“XRP and XRP Ledger are among the most recognized and trusted blockchains in crypto,” said Hunter Horsley, CEO and co-founder of Bitwise. “XRPL is unique with more than 10 years of experience in security, expanding capabilities.”

According to Ripple CEO Brad Garlinghouse, investors are looking for exposure to crypto-related investment products. Garlinghouse believes this trend will accelerate as US regulators provide more clarity on crypto regulations.

“As the US regulatory environment for crypto is finally becoming more transparent, this trend is set to accelerate further, further increasing the demand for crypto ETPs like the Bitwise Physical XRP ETP,” he said. “As one of the most valuable, liquid and consumption-driven digital assets, XRP is at the forefront of this evolution, standing out as a cornerstone for those looking to acquire assets with solid, real-world utility.”

Bitwise, with over $10 billion in assets under management, recently SEC-registered XRP ETF in the US market. Following Bitwise's move, 21Shares and Canary Capital have also joined the XRP ETF race with their respective proposals.

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