Ripple will invest in Bitwise's XRP ETP after the issuer renamed its product in order to strengthen its presence in the European market.
The European XRP ETP, formerly known as ETC Group Physical XRP, will now be called Bitwise Physical XRP ETP with the ticker GXRP.
Bitwise's entry into the European market came when it acquired ETC Group, a crypto investment firm that manages $1 billion in assets, including several physical crypto ETPs.
The Bitwise Physical XRP ETP was created to provide European investors with exposure to XRP through a physically backed product.
Hunter Horsley, CEO and Co-Founder at Bitwise, said:
"XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. XRPL is unique with over 10 years of track record in reliability, while continuing to expand in capabilities. We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP)."