The asset management firm Bitwise is rebranding its European XRP ETP with the help of Ripple blockchain which will be backing the renamed product.
On Wednesday, November 27, Bitwise announced that European XRP exchange-traded product of the company will be rebranded as part of the broader update in the European product suite. The press release revealed that the ETP will be known as Bitwise Physical XRP ETP (GXRP) henceforth.
Similarly, the blockchain firm Ripple announced that it will be investing in GXRP, the rebranded product. However, none of the companies have disclosed the details of the deal including its size.
Bitwise Physical XRP ETP was launched two years ago, in 2022 as a fully-backed institutional-grade vehicle which is built to give European investors exposure to XRP.
It was issued under a prospectus approved by Germany’s financial regulator.
Speaking about the matter, Ripple CEO Brad Garlinghouse said that with the US crypto regulatory environment gradually clearing up, the global demand for crypto exposure “is poised to accelerate, further driving demand for crypto ETPs […].”
Despite managing $10 billion in total client assets Bitwise is still expanding its services. The asset management firm grabbed headlines when it acquired European ETP issuer ETC Group and its purchase of Attestant, a non-custodial Ethereum staking service.
Apart from the rebranding announcement, Bitwise has also suggested a Bitcoin-Ethereum-based mixed crypto ETF to U.S. regulators.
An S1-filing with the SEC on Nov 26 revealed Bitwise’ plans to introduce a fund that balances exposure between Bitcoin and Ethereum.
The CIO of Bitwise, Matt Hougan said that the new ETF would provide crypto investors a balanced portfolio of the topmost cryptocurrencies in the world,making it “a huge hit with investors”.