As a seasoned researcher with years of experience navigating the ever-evolving world of cryptocurrencies, I find the recent move by Bitwise Asset Management to rebrand its European XRP ETP as the Bitwise Physical XRP ETP (GXRP) an intriguing development. This strategic pivot underscores Bitwise’s commitment to XRP and its belief in the potential of this digital asset, especially amidst growing institutional interest.
Bitwise Asset Management has unveiled a change in the branding of their European Ripple Exchange-Traded Product, as part of their larger plan to solidify their position and increase their influence within the cryptocurrency investment sector.
The Bitwise Physical XRP ETP, now known as GXRP, signifies a fresh dedication towards XRP as a primary investment option.
Bitwise Rebrands Offering to Physical XRP ETP
Bitwise has reached an important stage with its rebranding, as it recently expanded into the European market this year by acquiring ETC Group, a local crypto ETP issuer. Simultaneously, the GXRP ETP, fully backed physically and regulated by Germany’s financial authority, provides a secure investment opportunity for European investors in XRP.
Making this decision aligns with Ripple’s statement about investing in GXRP, demonstrating faith in XRP’s future possibilities as institutional interest grows. Brad Garlinghouse, Ripple CEO, highlighted the distinct advantages of XRP, particularly considering the rising global appetite for cryptocurrency investment solutions.
In the statement, it’s mentioned that XRP is leading the charge due to its focus on practical use as a digital asset, according to Garlinghouse.
He additionally forecasted that clear regulation in the US would stimulate more investment in offerings based on cryptocurrencies. Importantly, Ripple has been instrumental in the growth of XRP’s usage, using the XRP Ledger (XRPL) for various purposes including cross-border payments, tokenization, and institutional DeFi. The XRPL, recognized for its efficiency and dependability, supports XRP’s status as the fifth largest cryptocurrency.
Bitwise CEO, Hunter Horsley, expressed excitement about offering access to XRP and its associated ledger, which are well-known and trusted in the crypto world, via a high-quality institutional product named the GXRP.
As an analyst, I’m observing a significant surge in the value of XRP, a digital asset with a market capitalization exceeding $82 billion. This increase comes after recent news, pushing its price up nearly 3%. At present, according to BeInCrypto data, each token is being traded for approximately $1.43.
XRP ETFs on the Horizon With Trump Administration
Beyond Europe, Bitwise’s dedication towards XRP is far-reaching. In October specifically, they made adjustments to their XRP ETF proposal in the United States, which they had originally submitted earlier that same month.
As an analyst, I am observing a surge of activity in the competition for the XRP Exchange Traded Fund (ETF), with contenders such as Canary Capital and more recently, WisdomTree, joining the mix. Moreover, Brad Garlinghouse, a key figure, has expressed confidence, predicting the approval of an XRP ETF as a certainty.
It’s evident that Exchange-Traded Funds (ETFs) have gained significant popularity… The U.S. Securities and Exchange Commission (SEC) was reluctantly compelled to approve a Bitcoin ETF in January… A staggering $17 billion has poured into the fastest-growing ETF ever created, which underscores the strong desire among institutions and individual investors to invest in this asset class, as stated by Garlinghouse.
Established financial heavyweights such as BlackRock have yet to make any official moves regarding XRP-based ETFs. The worry is that while XRP has real-world use cases, its dependence on Ripple’s ecosystem might restrict wider acceptance. This, combined with the ongoing legal battle between Ripple and the SEC (Securities and Exchange Commission), continues to pose challenges for an XRP ETF to materialize.
Despite the US market proving difficult, there are promising opportunities in Europe for crypto exchange-traded products (ETPs). Bitwise is reinforcing its European approach by introducing more institutional-level offerings. Recently, they launched the Aptos Staking ETP on the SIX Swiss Exchange, which occurred just this month.
Donald Trump’s recent win in the re-election sparks renewed optimism among analysts, who believe it could lead to a more pro-crypto regulatory climate. Experts suggest that Trump’s victory has rekindled optimism for crypto Exchange Traded Funds (ETFs), such as those based on XRP and Solana, due to the expectation of his administration adopting policies supportive of digital assets.
Bitwise, with its management of over $10 billion in client funds, views the current situation as a prime chance to further strengthen its dominance within the sector.
“Regulatory clarity will catalyze crypto-backed investment offerings,” Horsley noted.
In spite of this, Bitwise’s advancements underscore the growing institutional attention towards cryptocurrency-based goods. By extending its reach into Europe, the company is tactically positioning itself to seize global chances, despite the fact that the U.S. market remains intricate.
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2024-11-27 16:15