As a seasoned analyst with over two decades of experience in the financial sector, I find this development between Bitwise Asset Management and Ripple intriguing. The rebranding of the European XRP exchange-traded product and Ripple’s subsequent investment are clear indicators that institutional crypto investment is gaining momentum.
Bitwise Asset Management, a prominent global financial service provider, recently unveiled a name change for its European Ripple exchange-traded product (ETP). Previously called the ETC Group Physical XRP, it will now be known as the Bitwise Physically Backed XRP ETP.
On Wednesday, the company announced that it is rebranding as part of a wider strategy to improve its range of products available in Europe, following its acquisition of ETC Group, a well-known provider of Exchange Traded Products (ETPs) in Europe. At the same time, Ripple, the organization behind XRP, has disclosed intentions to finance the updated product, indicating an increasing interest in the European digital asset sector.
Strengthening Institutional Crypto Investment
Investors in Europe can now access a straightforward, regulated method to invest in XRP, the fifth largest digital currency globally, through the Bitwise Physical XRP ETP (traded as GXRP). This ETP provides transparency in investment.
2012 saw the introduction of XRP, now boasting a market capitalization exceeding $80 billion. It’s found broad acceptance, particularly in areas such as international money transfers, Decentralized Finance (DeFi), and the representation of real-world assets through tokenization.
Bitwise confirms that the revamped product is fully supported by XRP. This exchange-traded product, or ETP, was first introduced in 2022 and falls under the oversight of German financial authorities. Its purpose is to offer a secure investment avenue for both institutions and individual investors who wish to delve into the crypto market without having direct contact with digital assets.
In response to the recent update, Hunter Horsley, CEO and co-founder of Bitwise, affirmed that XRP is trustworthy in terms of its value.
“The XRP blockchain and its underlying technology, the XRP Ledger, are well-known and trusted within the crypto world. The XRP Ledger (XRPL) has built a strong reputation for reliability over the past decade, and it consistently evolves to offer more capabilities. We’re excited to offer investors access to this reliable platform through our high-quality institutional product, the Bitwise Physical XRP Exchange Traded Product (GXRP).
Brad Garlinghouse, Ripple’s CEO, too expressed his thoughts on the rebranding, emphasizing the rising worldwide interest in accessing cryptocurrency assets, particularly among institutions.
As the U.S. regulatory landscape for cryptocurrency becomes more defined, interest in investment products tied to digital currencies such as the Bitwise Physical XRP Exchange-Traded Product (ETP) is expected to grow at a faster pace, according to his statement.
Ripple’s Continued Commitment to XRP
Investing in the Bitwise Physical XRP Exchange-Traded Product (ETP) is part of Ripple’s strategic plan to broaden the use and prominence of XRP within institutional markets. The distinctive qualities of XRP, such as its speed, scalability, and dependability through the XRP Ledger, have made it an appealing choice for financial institutions.
In 2024, Bitwise announced a fast-paced growth phase for the company. They have now exceeded $10 billion in client assets. As stated in their press release, the acquisition of ETC Group in August and the subsequent rebranding of their European product line demonstrate their dedication to solidifying their presence in Europe.
Just last week, the company unveiled the Bitwise Aptos Staking Exchange-Traded Product (ETP), providing investors with an opportunity to invest in digital currencies. This is the tenth such crypto ETP available in Europe.
In October, Bitwise submitted an application for an XRP spot ETF within the U.S., showcasing their aspiration to be at the forefront of the worldwide market for high-quality cryptocurrency investments by institutions.
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2024-11-27 14:45