Crypto ETF issuer Bitwise rebrands XRP ETP with Ripple’s backing

Bitwise Asset Management has announced that its European XRP ETP will be rebranded, with blockchain firm Ripple backing the newly renamed product.

Bitwise announced on Wednesday that it has rebranded its European XRP exchange-traded product as part of a broader update to its European product line. The firm said in a press release on November 27 that the ETP is now called Bitwise Physical XRP ETP (GXRP). At the same time, blockchain firm Ripple announced that it would invest in the rebranded product, but the size of the deal was not disclosed.

Launched in 2022, Bitwise Physical XRP ETP is a fully supported, institutional-grade tool designed to provide European investors with access to XRP. The product is issued under a prospectus approved by Germany’s financial regulator.

Commenting on the rebranding, Ripple CEO Brad Garlinghouse stated that with the US regulatory environment for crypto finally “becoming clearer,” global demand for cryptocurrency “is poised to accelerate and will further drive demand for crypto ETPs.” […].”

Bitwise continues to expand its services and currently manages $10 billion in total customer assets. The firm recently made headlines for its acquisition of European ETP issuer ETC Group and its acquisition of Attetant, a non-custodial Ethereum staking service.

Adding to the latest development, Bitwise recently submitted a proposal to US regulators for a Bitcoin-Ethereum-based hybrid crypto ETF. According to the S-1 filing filed with the Securities and Exchange Commission on November 26, the firm aims to create a fund that balances risk between Bitcoin and Ethereum. The new ETF will offer investors a balanced portfolio of two leading cryptocurrencies, which is expected to be a “major hit among investors,” according to Bitwise CIO Matt Hougan.