- Bitwise’s rebranding of GXRP shows its plans to grow in Europe and compete in the rising global market for crypto ETPs.
- Ripple backs GXRP as XRP’s role in cross-border transfers and DeFi grows, fueling more interest in crypto investment products.
- With new crypto offerings like the Aptos Staking ETP and a U.S. XRP ETF filing, Bitwise is positioning itself as a market leader.
Bitwise announced on X that it is introducing Bitwise’s updated XRP exchange-traded product, now called GXRP. GXRP was introduced in 2022, adheres to German regulatory standards, and is entirely supported by actual assets. Bitwise’s rebranding shows its plan to grow in Europe after buying ETC Group, a company that manages over $1 billion in assets.
For our European investors:
Today, we’re excited to introduce the Bitwise Physical XRP ETP (GXRP) with over $80,000,000 in AUM.
GXRP is trading on Germany’s Deutsche Börse Xetra and provides institutional-grade access to XRP.
We’re also proud to share that Ripple is an… pic.twitter.com/LOhWMtWh6D
— Bitwise (@BitwiseInvest) November 27, 2024
Bitwise Strengthens Global Presence with Strategic Moves
Besides the rebranding, Bitwise continues broadening its crypto offerings. The company introduced the Bitwise Aptos Staking ETP on the SIX Swiss Exchange. This launch follows its success with Bitcoin and Ethereum ETFs, solidifying its leadership in crypto investment products. Bitwise recently filed for a spot XRP ETF with the U.S. SEC aiming to be the first in this category.
According to Ripple’s CEO, Brad Garlinghouse, XRP is showing its worth mainly in sending money across borders and in decentralized finance He mentioned that as U.S. rules around crypto improve, more people are becoming interested in crypto ETPs, with XRP standing out as an important asset in these sectors.
XRP’s Expanding Role in Crypto Investment
XRP with a market cap of over $80 billion, has gained traction in diverse sectors. Its applications span institutional DeFi, tokenization, and global remittances, boosting investor confidence. Hunter Horsley, CEO of Bitwise, praised XRP Ledger’s decade-long reliability and expanding functionality.
Ripple’s support for GXRP aligns with its vision of advancing utility-driven digital assets. Consequently, the company anticipates increased demand for XRP-focused investment products as the regulatory landscape becomes clearer.
Crypto ETPs Gain Momentum Globally
Meanwhile, competitors like 21Shares and Canary Capital have joined the race, filing their proposals for XRP ETFs. This is in line with a larger pattern of growing institutional interest in financial products involving regulated cryptocurrency.
Bitwise positions itself as a pioneer in crypto ETFs, managing assets worth over $10 billion. Hence, the rebranding of GXRP, coupled with Ripple’s investment, signals a stronger focus on Europe and beyond.
