Bitwise has rebranded its European XRP ETP, with Ripple planning an funding.
The Bitwise Bodily XRP ETP is bodily backed and accredited by German regulators.
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Ripple will spend money on Bitwise’s XRP exchange-traded product (ETP) following its rebranding. The fund, beforehand referred to as ETC Group Bodily XRP, is now named Bitwise Bodily XRP ETP, mentioned Bitwise Asset Administration in a Wednesday press launch.
The ETP, buying and selling below the ticker GXRP, was launched in 2022 and is 100% bodily backed, working below a prospectus accredited by German monetary regulators.
The rebranding is a part of Bitwise’s technique to reinforce its presence within the European market following the acquisition of ETC Group, which manages $1 billion in property and consists of varied bodily crypto ETPs, such because the newly launched Bitwise Aptos Staking ETP on the SIX Swiss Change.
XRP, presently the fifth-largest crypto asset with a market cap exceeding $80 billion, has gained traction by way of expanded use instances on the XRP Ledger, notably in cross-border remittances, institutional DeFi, and actual world tokenization.
“XRP and the XRP Ledger are among the many most acquainted and trusted blockchains in crypto,” mentioned Hunter Horsley, CEO and co-founder of Bitwise. “XRPL is exclusive with over 10 years of observe report in reliability, whereas persevering with to develop in capabilities.”
In line with Ripple CEO Brad Garlinghouse, buyers are more and more searching for publicity to crypto-related funding merchandise. Garlinghouse believes this development will speed up as US regulators present extra readability on crypto rules.
“With the US regulatory atmosphere for crypto lastly turning into extra clear, this development is poised to speed up, additional driving demand for crypto ETPs, such because the Bitwise Bodily XRP ETP,” he mentioned. “As some of the precious, liquid, and utility-driven digital property, XRP is on the forefront of this momentum, standing out as a cornerstone for these searching for entry to property which might be resilient and have real-world utility.”
Bitwise, overseeing over $10 billion in property, lately filed with the SEC to launch a spot XRP ETF within the US market. Following Bitwise’s transfer, 21Shares and Canary Capital additionally joined the XRP ETF race with their respective proposals.
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