As a seasoned crypto investor with a knack for spotting trends and navigating market fluctuations, I find the recent rebranding of Bitwise’s XRP exchange-traded product (ETP) intriguing. Having been around since the early days of Bitcoin, I’ve seen the crypto landscape evolve at an astounding pace.
According to a recent press release, Bitwise’s XRP exchange-traded product (ETP) has been rebranded and is now known as the Bitwise Physically Backed XRP Exchange-Traded Product (ETP).
Ripple, the business behind the blockchain system, has made an investment in this particular product. According to Ripple’s CEO Brad Garlinghouse, there is a rising interest in investment opportunities backed by cryptocurrencies.
The asset previously recognized as ETC Group Physical XRP is now transacted on Xetra, a trading venue operated by Germany’s Deutsche Börse.
According to U.Today’s report, Bitwise expanded its European presence by acquiring the London-based ETC Group in August.
Bitwise observes that the use of XRP is growing significantly, particularly because it offers exceptional scalability and dependability, making it a preferred choice for sectors focusing on cross-border transactions.
On the European market, there have been a number of exchange-traded products (ETPs) based on XRP for some time now. In fact, these products have been available for several years. The first such product was introduced by Amun AG, a Swiss company, as early as April 2019.
Back in April 2022, ETC Group’s physical XRP ETF, later rebranded by Bitwise, was introduced. This investment product mimics the performance of the cryptocurrency associated with Ripple. Bradley Duke, founder of ETC Group, asserted that Ripple was positioning itself as a leading force in global payment systems.
Currently, there isn’t a U.S. traded exchange-traded fund (ETF) focusing on XRP available. Nevertheless, proposals for the introduction of such a product have been submitted by entities like Bitwise and others, which are still pending approval.
In multiple interviews, Ripple’s CEO, Brad Garlinghouse, often expressed his belief that the acceptance of an Exchange-Traded Fund (ETF) based on XRP is practically unavoidable.
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2024-11-27 18:53