CandleFocus Ripple backs Bitwise Physical XRP ETP following its rebranding
2024-11-27
Author: Content Editor
Ripple will invest in Bitwise Physical XRP ETP, an exchange-traded product (ETP) that offers institutional-grade exposure to XRP. The ETP, which is physically backed and approved by German regulators, has been rebranded from ETC Group Physical XRP to Bitwise Physical XRP ETP. The rebranding is part of Bitwise's strategy to enhance its presence in the European market. XRP has gained traction in various use cases, such as cross-border remittances and institutional DeFi, and is currently the fifth-largest crypto asset with a market cap exceeding $80 billion. Ripple CEO Brad Garlinghouse believes that the demand for crypto ETPs will accelerate as US regulators provide more clarity on crypto regulations. Bitwise has also filed with the SEC to launch a spot XRP ETF in the US market.
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