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Bitwise Asset Management announced this Wednesday the rebranding of its XRP exchange-traded product (ETP) in Europe. According to the company’s press release, it will rename the ETC Group Physical XRP to Bitwise Physical XRP ETP.
Bitwise stated that this move is part of a broader rebranding of its European product suite. Along the way, it indicates that Ripple will also invest in the ETP. However, the two parties have yet to disclose the investment amount or nature.
Key Features of Bitwise Physical XRP ETP
The updated XRP ETP keeps the GXRP ticker. It has an annual total expense ratio of 1.95% and is fully physically backed. This exchange-traded commodity (ETC) offers customers straightforward access to XRP governance tokens on the XRP Ledger.
GXRP is issued by Bitwise Europe under the oversight of the German Federal Financial Supervisory Authority (BaFin) and is primarily listed on XETRA, Europe’s leading exchange-traded fund (ETF) platform.
Sentiment: Positive
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