Bitwise Asset Management recently announced it has rebranded its XRP-based ETP, attracting Ripple's attention and opening new investment opportunities.
Ripple’s Interest in Bitwise XRP ETP
Following the rebranding announcement, Ripple has declared its intent to invest in the newly labeled Bitwise product. European investors can access XRP through GXRP, a fully physically backed ETP launched by Bitwise in 2022. Ripple's CEO, Brad Garlinghouse, expressed confidence that demand for such products will rise, especially with more regulatory clarity in the U.S.
XRP Benefits from XRPL
XRP continues to gain traction in the crypto and blockchain spaces, ranking as the sixth-largest cryptocurrency by market capitalization. Its success is linked to expanding use cases like cross-border remittances and institutional DeFi. The XRPL is known for its speed and reliability, attracting financial corporations. In Q1 2024, XRPL experienced a notable increase in transaction activity.
Bitwise Expanding Portfolio
Bitwise has shown significant growth in 2024, exceeding $10 billion in assets under management. The company acquired ETC Group and plans to launch new institutional-grade crypto products like the Bitwise Aptos Staking ETP. Its strategic expansion includes acquiring Attestant to bolster Ethereum ETF strategies.
Bitwise's ETP rebranding and Ripple's investment plans highlight the significance and growing interest in XRP-based products in Europe. Meanwhile, the expanding use of XRPL continues to strengthen XRP's market position.
