Ripple backs Bitwise Bodily XRP ETP following its rebranding

Dwelling » Industry » Ripple backs Bitwise Bodily XRP ETP following its rebranding

The product offers institutional-grade publicity to XRP via a physically backed commerce-traded product.

Ripple will put money into Bitwise’s XRP commerce-traded product (ETP) following its rebranding. The fund, beforehand incessantly known as ETC Group Bodily XRP, is now named Bitwise Bodily XRP ETP, talked about Bitwise Asset Administration in a Wednesday press open.

The ETP, trading below the ticker GXRP, became once launched in 2022 and is 100% physically backed, operating below a prospectus licensed by German monetary regulators.

The rebranding is fragment of Bitwise’s technique to toughen its presence in the European market following the acquisition of ETC Group, which manages $1 billion in resources and contains diverse physical crypto ETPs, such because the newly launched Bitwise Aptos Staking ETP on the SIX Swiss Trade.

XRP, at level to the fifth-largest crypto asset with a market cap exceeding $80 billion, has won traction via expanded employ cases on the XRP Ledger, in particular in grisly-border remittances, institutional DeFi, and proper world tokenization.

“XRP and the XRP Ledger are amongst basically the most acquainted and trusted blockchains in crypto,” talked about Hunter Horsley, CEO and co-founding father of Bitwise. “XRPL is weird with over 10 years of video display file in reliability, while persevering with to elongate in capabilities.”

Per Ripple CEO Brad Garlinghouse, investors are increasingly looking out for publicity to crypto-associated investment products. Garlinghouse believes this trend will tempo up as US regulators provide extra readability on crypto rules.

“With the US regulatory ambiance for crypto at closing turning into extra obvious, this trend is poised to tempo up, additional riding inquire of of for crypto ETPs, such because the Bitwise Bodily XRP ETP,” he talked about. “As one of basically the most treasured, liquid, and utility-pushed digital resources, XRP is at the forefront of this momentum, standing out as a cornerstone for these looking out for accumulate admission to to resources which are resilient and possess proper-world utility.”

Bitwise, overseeing over $10 billion in resources, nowadays filed with the SEC to open a dilemma XRP ETF in the US market. Following Bitwise’s transfer, 21Shares and Canary Capital moreover joined the XRP ETF toddle with their respective proposals.