Ripple has announced its investment in Bitwise's rebranded XRP exchange-traded product (ETP) as the issuer seeks to enhance its European market presence. On November 7, Bitwise revealed plans to change the name of its European XRP ETP, the ETC Group Physical XRP, to the Bitwise Physical XRP ETP, maintaining the ticker GXRP. This restructuring follows Bitwise's entry into Europe in August, expanding its portfolio that includes physical crypto ETPs totaling $1 billion in assets, such as the Bitcoin ETP (BTCE), Ethereum with staking (ET32), and others. The Bitwise Physical XRP ETP aims to provide European investors with access to XRP through a product that holds the underlying asset. CEO Hunter Horsley emphasized XRP and the XRP Ledger's established trustworthiness, expressing excitement about offering this institutional-grade product. Moreover, Ripple's investment aims to meet the rising demand for crypto-backed investment options in 2024, driven partly by a clearer U.S. regulatory landscape. Bitwise also announced plans for further expansion and additional institutional-grade crypto ETPs, projecting significant growth in client assets over the past year.

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