Ripple backs Bitwise Physical XRP ETP following its rebranding
2024-11-27

Ripple will invest in Bitwise's XRP exchange-traded product (ETP) following its rebranding. The fund, previously known as ETC Group Physical XRP, is now named Bitwise Physical XRP ETP, said Bitwise Asset Management in a Wednesday press release .
The ETP, trading under the ticker GXRP, was launched in 2022 and is 100% physically backed, operating under a prospectus approved by German financial regulators.
The rebranding is part of Bitwise's strategy to enhance its presence in the European market following the acquisition of ETC Group, which manages $1 billion in assets and includes various physical crypto ETPs, such as the newly launched Bitwise Aptos Staking ETP on the SIX Swiss Exchange.
XRP, currently the fifth-largest crypto asset with a market cap exceeding $80 billion, has gained traction through expanded use cases on the XRP Ledger, particularly in cross-border remittances, institutional DeFi, and real world tokenization.
"XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto," said Hunter Horsley, CEO and co-founder of Bitwise. "XRPL is unique with over 10 years of track record in reliability, while continuing to expand in capabilities."
According to Ripple CEO Brad Garlinghouse, investors are increasingly seeking exposure to crypto-related investment products. Garlinghouse believes this trend will accelerate as US regulators provide more clarity on crypto regulations.
"With the US 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," he said. "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."
Bitwise, overseeing over $10 billion in assets, recently filed with the SEC to launch a spot XRP ETF in the US market. Following Bitwise's move, 21Shares and Canary Capital also joined the XRP ETF race with their respective proposals.