As a researcher with a keen interest in the dynamic world of cryptocurrencies and blockchain technology, I find the recent investment by Ripple in Bitwise’s XRP exchange-traded product (ETP) intriguing. Having closely followed the evolution of this space for years now, it’s fascinating to witness established players like Ripple investing in products designed to give European investors exposure to cryptos.
Ripple recently declared they will invest in a Bitcoinwise‘s XRP trading platform, which is an exchange-traded product (ETP). The issuer decided to rebrand this offering to boost its influence within the European market.
On November 7th, Bitwise revealed that they intend to change the name of their European XRP (XRP) Exchange Traded Product, which is currently known as the ETC Group Physical XRP, to the Bitwise Physical XRP Exchange Traded Product. However, its ticker symbol, GXRP, will not be altered in this process.
The action is a continuation of Bitwise’s expansion into Europe, which began in August upon the acquisition of ETC Group, a crypto investment company with over $1 billion in assets under management. These assets encompass various types such as physical crypto Exchange-Traded Products (ETPs), Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), MSCI Digital Assets Select 20 (DA20) and GXRP.
A Physical Exchange-Traded Product (ETP) is a financial instrument that mirrors the returns of assets it holds, these assets being owned by the ETP’s creator as well.
Bitwise XRP ETP targets Europeans
The Bitwise Physically-Backed XRP Exchange-Traded Product (ETP) has been developed to offer European investors direct access to the digital currency XRP, as it directly owns and stores the underlying asset.
In a press statement, Bitwise’s founder and CEO, Hunter Horsley, noted that among the well-known and reliable blockchains, XRP and its ledger are frequently recognized.
Horsley stated that we’re excited to offer investment access via a premium-grade product, the Bitwise Physical XRP ETP (GXRP),” [Name] explained.
In an effort to increase its presence throughout Europe, Bitwise is considering a complete rebranding of its European Exchange-Traded Product (ETP) lineup.
2024 proved to be an exceptional year for me as a crypto investor, with Bitwise reporting impressive expansion. They highlighted a staggering $10 billion in total assets under their management from clients. Excitingly, they’ve announced their intention to launch more institutional-grade Exchange Traded Products (ETPs) in the crypto space.
Recently, the company has expanded its offerings in the cryptocurrency sector. Specifically, on November 12th, Bitwise debuted its first Aptos staking exchange-traded product (ETP). Additionally, on November 26th, they submitted a registration for an ETF linked to Bitcoin (BTC) and Ether (ETH) in preparation for future launch.
Ripple invests in GXRP
In addition to its rebranding, Bitwise revealed that Ripple is planning to put money into GXRP. The specifics of the investment were not shared, but Ripple’s CEO, Brad Garlinghouse, emphasized a significant increase in worldwide interest for crypto-supported investment goods in 2024.
As the regulatory landscape for cryptocurrencies in the U.S. becomes increasingly defined, the growth of this sector is expected to speed up even more, boosting interest in Crypto Exchange-Traded Products (ETPs) like the Bitwise Physical XRP ETP, according to Garlinghouse.
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2024-11-27 15:18