Bitwise Asset Management has filed for the launch of an XRP Exchange Traded Product (ETP). If the U.S. Securities and Exchange Commission (SEC) approves the proposal, the ETP fund will hold XRP directly.
Why Bitwise is Betting on XRP
Hunter Horsley, the CEO of Bitwise, believes that blockchain technology is poised to bring revolutionary changes in the financial world. According to him, this technology could introduce apolitical monetary assets and create a range of new applications for investors. For over seven years, Bitwise has been paving the way for easier access to crypto opportunities, and their latest XRP ETP filing continues that mission.
Real World Use Cases
Many in the crypto community recognize XRP because of the SEC vs. Ripple case, but it has significant real-world applications. The XRP token powers the XRP Ledger, which facilitates lightning-fast transactions and enables faster and cheaper cross-border payments. It processes transactions in seconds and typically incurs fees under a penny. The speed and affordability contribute to XRPL's strong reputation. Currently, XRP stands at the seventh position in the crypto space with a $33 billion market cap. Additionally, XRPL is expanding its capabilities, moving beyond payments to enter the world of decentralized finance (DeFi) and asset tokenization. With growing interest from institutional players, XRP could be well-positioned for future growth.
Expanding Bitwiseβs Crypto Offerings
This filing is just the latest move from Bitwise. Recently, they launched spot Bitcoin and Ethereum ETPs, and in August, they acquired ETC Group, a leader in European crypto ETPs. Today, Bitwise offers over 30 products, including exchange-traded products, index funds, and specialized investment strategies. Founded in 2017, the firm works closely with financial institutions, helping them navigate the fast-moving world of crypto assets. The filing for an XRP ETP demonstrates Bitwise's commitment to opening doors for investors. Now, we wait to see if the SEC will approve this bold new venture.
The launch of the XRP ETP by Bitwise could be a significant milestone in the crypto world. However, it all hinges on the approval of the U.S. Securities and Exchange Commission.