Bitwise Physical XRP ETP Now Backed by Ripple

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.

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.