Bitwise Asset Administration unveiled a rebranding of its European XRP ETP, with blockchain firm Ripple backing the newly renamed product.
Bitwise launched Wednesday that it’s rebranding its European XRP replace-traded product as portion of a broader update to its European product suite. In an announcement on Nov. 27, the firm acknowledged the ETP is now known as the Bitwise Bodily XRP ETP (GXRP). On the identical time, blockchain firm Ripple revealed it is also investing in the rebranded product, though the scale of the deal remains undisclosed.
Launched in 2022, the Bitwise Bodily XRP ETP is a fully-backed, institutional-grade automobile designed to come by European investors with exposure to XRP. The product is issued beneath a prospectus current by Germany’s monetary regulator.
Commenting on the rebranding, Ripple chief executive officer Brad Garlinghouse notorious that with the U.S. regulatory environment for crypto sooner or later “turning into more definite,” global inquire of for crypto exposure “is poised to urge, extra driving inquire of for crypto ETPs […].”
Bitwise continues to amplify its products and companies, now managing $10 billion in complete client property. The firm currently made headlines with its acquisition of European ETP issuer ETC Neighborhood and its aquire of Attestant, a non-custodial Ethereum staking provider.
Apart from the most traditional pattern, Bitwise currently also proposed a Bitcoin-Ethereum-based mostly completely blended crypto ETF to U.S. regulators. In step with an S-1 filing with the Securities and Replace Commission on Nov. 26, the firm goals to introduce a fund that balances exposure between Bitcoin and Ethereum. The unique ETF would give investors a balanced portfolio of the two main cryptocurrencies, which are expected to be “a gigantic hit with investors,” in step with Bitwise CIO Matt Hougan.
