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News

Bitwise Physical XRP ETP Now Backed by Ripple

November 27, 2024 - Around 2 mins mins to read

Key Points:

  • Ripple backs Bitwise’s rebranded XRP ETP, now called Bitwise Physical XRP ETP, to strengthen its presence in the European market.
  • Launched in 2022 under the ticker GXRP, the ETP is fully physically backed and aims to provide European investors exposure to XRP through a regulated product.
Ripple announced its investment in the XRP exchange-traded product by Bitwise after the latter company rebranded the offering to extend its presence in the European market.
Bitwise Physical XRP ETP Now Backed by Ripple

Read more: Ripple SEC Lawsuit Intensifies Again With Company Appeal 

Ripple Backs Bitwise Physical XRP ETP in Europe

Renamed the Bitwise Physical XRP ETP, the product still retains its ticker, GXRP, and seeks to offer European investors direct exposure to XRP through a physically backed structure.

Bitwise announced the rebranding on November 7 as a signal of its expanded ambition in the European market following the acquisition of ETC Group in August. The ETC Group is an investment firm in crypto responsible for managing $1 billion in assets managing a suite of physical crypto ETPs.

The Bitwise Physical XRP ETP is fully physically backed and launched under a prospectus approved by German regulators in 2022.

XRP Jumps on Regulatory Hopes, Market Momentum

XRP is currently the fifth-largest cryptocurrency with a market capitalization of over $81 billion and has seen a surge in adoption. It is used in cross-border money transfers via the XRP Ledger. Despite XRP’s widespread use cases, its legal status remains unresolved with a four-year lawsuit by the SEC.

XRP’s recent market volatility has been mixed, with the cryptocurrency’s price soaring to a three-year high. The surge followed news of SEC Chairman Gary Gensler’s resignation, effective January 20, when President-elect Donald Trump was sworn in for a second term.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitwise

Bitwise Physical XRP ETP

GXRP

Ripple

XRP

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.