Bitwise Asset Management has officially renamed its European XRP exchange-traded product (ETP), previously known as ETC Group Physical XRP, to Bitwise Physical XRP ETP (Ticker GXRP; ISIN DE000A3GYNB0). This rebranding is a part of Bitwise’s plan to unify its European products under a single brand and to expand its footprint in Europe.
Ripple, a leading digital asset infrastructure company has announced its investment in the revamped GXRP product, highlighting growing institutional interest in XRP.
XRP’s Growing Influence
XRP, the fifth-largest cryptocurrency with a market cap exceeding $80 billion, and continues to gain traction. Due to its expanding use cases on the XRP Ledgers (XRPL), its speed, efficiency, and reliability XRPL has become a go-to solution for cross-border remittances, institutional decentralized finance (DeFi), and real-world asset tokenization.
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European investors can now access XRP though the physically backed GXRP ETP, which was first launched in 2022 with regulatory approval from Germany’s BaFin. This product offers secure and direct exposure to XRP. attracting financial services firms and asset managers.
XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. XRPL is unique with over 10 years of track record in reliability, while continuing to expand in capabilities. We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP) – Hunter Horsley, CEO and Co-Founder at Bitwise
With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP. As one of the most valuable, liquid, and utility-driven digital assets, XRP is at the forefront of this momentum, standing out as a cornerstone for those seeking access to assets that are resilient and have real-world utility. – Brad Garlinghouse CEO at Ripple
There have also been talks about rolling out additional crypto ETPs, including recently launched Bitwise Aptos Staking ETP on the SIX Swiss Exchange. Bitwise has also filed for a U.S. based XRP spot ETF, indicating its intention to cater to American as well as European markets.
Ripple XRP’s Market Momentum
Ripple XRP’s market performance indicates an increased investor interest and confidence. The token has gained more than 25% surge in the last week.
After the announcement of Bitwise XRP ETP’s rebranding and Ripple‘s investment in the rebranding episode has not caused any major changes in the XRP prices and the token remains stable at $1.4 with surge of 5.6% in the last 24 hours.
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