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Home” Business” Ripple backs Bitwise Physical XRP ETP following its rebranding
by
Vivian Nguyen
Nov. 27, 2024
The item provides institutional-grade direct exposure to XRP through a physically backed exchange-traded item.
Image: Bitwise Investments
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Ripple will buy Bitwise’ s XRP exchange-traded item (ETP) following its rebranding. The fund, formerly referred to as ETC Group Physical XRP, is now called Bitwise Physical XRP ETP, stated Bitwise Asset Management in a Wednesday news release.
The ETP, trading under the ticker GXRP, was released in 2022 and is 100% physically backed, running under a prospectus authorized by German monetary regulators.
The rebranding becomes part of Bitwise’ s method to boost its existence in the European market following the acquisition of ETC Group, which handles $1 billion in possessions and consists of numerous physical crypto ETPs, such as the recently released Bitwise Aptos Staking ETP on the SIX Swiss Exchange.
XRP, presently the fifth-largest crypto possession with a market cap going beyond $80 billion, has actually acquired traction through broadened usage cases on the XRP Ledger, especially in cross-border remittances, institutional DeFi, and real life tokenization.
XRP and the XRP Ledger are amongst the most familiar and relied on blockchains in crypto,” stated Hunter Horsley, CEO and co-founder of Bitwise. “ XRPL is distinct with over 10 years of performance history in dependability, while continuing to broaden in abilities.”
According to Ripple CEO Brad Garlinghouse, financiers are progressively looking for direct exposure to crypto-related financial investment items. Garlinghouse thinks this pattern will speed up as United States regulators supply more clearness on crypto guidelines.
With the United States regulative environment for crypto lastly ending up being more clear, this pattern is poised to speed up, even more driving need for crypto ETPs, such as the Bitwise Physical XRP ETP,” he stated. As one of the most important, liquid, and utility-driven digital properties, XRP is at the leading edge of this momentum, sticking out as a foundation for those looking for access to properties that are durable and have real-world energy.”
Bitwise, supervising over $10 billion in properties, just recently submitted with the SEC to introduce an area XRP ETF in the United States market. Following Bitwise’ s move, 21Shares and Canary Capital likewise signed up with the XRP ETF race with their particular propositions.
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