Bitwise Asset Management has revealed the rebranding of its European XRP ETP, now named Bitwise Physical XRP (GXRP), in an extensive update to their European product offering.
Bitwise, following its acquisition of ETC Group in early 2018, is rebranding the ETP originally launched in 2022 as ETC Group Physical XRP. This represents its strategic efforts to increase its presence in Europe.
Ripple , the blockchain firm behind XRP has also announced investment plans in this revamped version.
XRP is the fifth largest cryptocurrency in the world with a market capitalization of more than $80 billion. It continues to gain traction because it can be used for cross-border payment, Decentralized Finance (DeFi), or tokenization.
The GXRP Exchange Traded Product (ETP) offers European investors a regulated, institutional-grade way to gain exposure to XRP while avoiding direct handling of digital assets.
Bitwise ETP: A Redesigned Product for a Booming Market
The GXRP is a fully backed ETP by XRP, and it’s regulated in Germany under the financial oversight. This ensures transparency for investors looking to gain exposure to this rapidly expanding asset class.
The XRP ETP, which was launched in 2022 has been attracting significant interest. The XRP Ledger’s (XRPL) unique features offer unmatched speed, scalability and reliability.
These qualities have positioned XRP to be one of the most popular assets among financial institutions. They leverage blockchain technology to facilitate cross-border transactions, and tokenize real-world assets.
Bitwise CEO Hunter Horsley emphasized XRP’s long-standing reliability.
“XRP Ledger and XRP are two of the most trusted and familiar blockchains in the crypto world.” XRPL has a track record of over 10 years in reliability and continues to expand its capabilities.”
Brad Garlinghouse, CEO of Ripple, also expressed similar sentiments and highlighted the growing demand from institutions. He said:
The global demand for exposure to crypto assets has increased in 2024. This is due to a growing interest among investors in crypto-backed investments.
He said that as regulatory clarity emerges in the U.S., and globally, the appetite of crypto ETPs such as GXRP will continue to grow.
The timing of this rebranding is in line with Bitwise’s strategy to capitalize on the growing demand for institutional crypto investments.
It has also recently launched other innovative products such as Bitwise the Aptos Staking Exchange Traded Fund and filed for the XRP Spot ETF.
Ripple’s Strategic Investment: Can Bitwise continue to expand?
Ripple continues to tout the capabilities of XRP, such as its role in facilitating low-cost, efficient cross-border payment.
The rebranding also reflects Bitwise’s rapid growth by 2024. Recently, the firm surpassed 10 billion dollars in client assets.
The company is also launching products such as Aptos ETP, and Ether stake provider Attestant.
Bitwise has also submitted a new exchange-traded product (ETP) to the SEC today to provide a balanced exposure to Bitcoin and Ethereum – the two biggest cryptocurrencies, representing 70% of $3.2 trillion in the crypto market.
This innovative ETP would distribute holdings according to their relative market capitalization. It offers investors a combination of Bitcoin’s stable digital store of values and Ethereum’s flexibility in powering DeFis and NFTs.
The ETP, if approved, could generate a lot of interest among retail and institutional investors. This is because the combined market capitalization of Bitcoin and Ethereum is $2.25 trillion.
