Ripple has announced plans to invest in Bitwise’s XRP exchange-traded product (ETP), following Bitwise’s decision to rebrand the offering as part of its European expansion strategy.
On Nov. 7, Bitwise revealed that the ETC Group Physical XRP ETP would be renamed the Bitwise Physical XRP ETP, while its ticker, GXRP, would remain unchanged. The rebranding aims to align the product with Bitwise’s growing footprint in the European market.
Bitwise’s Expansion in Europe
This move comes shortly after Bitwise entered the European market in August by acquiring the ETC Group, a crypto investment firm managing $1 billion in assets. The firm offers a variety of crypto-focused ETPs, including Bitcoin (BTCE), Ethereum with staking (ET32), Solana (ESOL), MSCI Digital Assets Select 20 (DA20), and XRP (GXRP).
What is a Physical ETP?
A physical exchange-traded product is designed to track the performance of its underlying asset. In this case, the issuer directly purchases and holds XRP to back the product, giving investors exposure to XRP’s value.
Summary Review: Ripple’s investment in the rebranded Bitwise Physical XRP ETP highlights its commitment to expanding XRP’s presence in Europe. The rebranding and Ripple’s support reflect growing institutional interest in XRP and underline its potential as a key asset in the evolving crypto investment landscape.
Disclaimer: Nothing in this article, or any content from Web30 News, should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves risks, and investors should be aware that capital is at risk and returns are never guaranteed. Please conduct thorough research and consult with a qualified financial advisor before making any investment decision.
