Ripple's growing influence in the cryptocurrency space continues to capture attention, from its strategic investment in Bitwise’s rebranded XRP exchange-traded product (ETP) targeting European markets to a renewed focus on the lesser-known yet pivotal figure behind XRP’s creation, Arthur Britto.
Ripple Invests in Bitwise’s XRP ETP as the Product Rebrands to Expand European Market Presence
Ripple, a leader in blockchain-based payment solutions, has announced its investment in Bitwise’s XRP exchange-traded product (ETP) following a strategic rebranding move aimed at strengthening its foothold in the European market.
On Nov. 7, Bitwise unveiled plans to rebrand its European XRP ETP, previously known as the ETC Group Physical XRP, as the Bitwise Physical XRP ETP. While the ticker symbol, GXRP, remains unchanged, the rebranding signals Bitwise’s broader strategy to unify its product offerings under its own branding as it accelerates its European expansion.
This development follows Bitwise’s acquisition of the ETC Group in August 2024, a deal that marked its formal entry into the European crypto investment space. The ETC Group, with $1 billion in managed assets, offers a suite of physically backed crypto ETPs, including flagship products such as the Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), MSCI Digital Assets Select 20 (DA20), and the newly rebranded Bitwise Physical XRP ETP (GXRP).
Physically backed ETPs like GXRP track the performance of their underlying assets by holding those assets directly. This structure provides investors with a more transparent and secure way to gain exposure to cryptocurrencies compared to synthetic or derivative-based products.
The Bitwise Physical XRP ETP is designed to meet the growing appetite for institutional-grade crypto products among European investors. By offering a physically backed solution, GXRP provides a streamlined, regulated avenue for investors to gain exposure to XRP and its blockchain ecosystem.
Hunter Horsley, co-founder and CEO of Bitwise, emphasized XRP's standing as one of the most trusted blockchain networks in the cryptocurrency space. “We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP),” said Horsley in a press release.
As part of its European strategy, Bitwise also plans to rebrand its entire portfolio of European ETPs, signaling a unified push to establish itself as a premier provider of institutional-grade crypto investment products across the continent. The firm’s growth trajectory in 2024 has been significant, with its total client assets surpassing $10 billion. The company has expressed intentions to launch additional ETPs to cater to the rising demand.
Bitwise has been actively expanding its product lineup in 2024 as well. On Nov. 12, the company launched its first Aptos staking ETP, further diversifying its offerings. Shortly after, on Nov. 26, it filed an S-1 registration to introduce an ETF tied to Bitcoin (BTC) and Ether (ETH).
Ripple’s investment in GXRP is part of the company’s strategic vision to capitalize on the growing demand for crypto-backed ETPs, particularly in the European market. Although financial details of the investment were not disclosed, Ripple CEO Brad Garlinghouse highlighted the burgeoning global interest in regulated cryptocurrency investment products.
“With the US regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP,” Garlinghouse said.
The Ripple Effect on Institutional Crypto Products
Ripple’s investment in GXRP is likely to bolster its standing as a key player in institutional crypto products. With XRP and the XRP Ledger already recognized as pivotal blockchain technologies, this partnership is expected to deepen their adoption among European investors. The investment aligns with Ripple's broader strategy of fostering innovation in blockchain finance while advocating for regulatory clarity in the global crypto landscape.
The rebranding of the Bitwise Physical XRP ETP and Ripple’s investment signify a transformative phase for the European crypto market. Bitwise’s strategic moves, supported by Ripple’s financial backing, position GXRP as a compelling choice for investors seeking secure and regulated exposure to XRP. As the global demand for crypto-backed investment products continues to grow, this partnership is evidence of the increasing convergence of blockchain innovation and traditional finance.
Ripple’s involvement could further accelerate the adoption of crypto ETPs in Europe, setting a precedent for similar collaborations between blockchain firms and traditional investment product providers. With regulatory clarity improving in key markets, the stage is set for exponential growth in the crypto ETP space.
The Mystery of Arthur Britto: A Silent Architect of Ripple and the XRP Ledger
In the world of blockchain and cryptocurrency, names like David Schwartz and Jed McCaleb resonate strongly, credited as visionaries behind the creation of Ripple, XRP, and the XRP Ledger. Yet, a third name, Arthur Britto, remains shrouded in mystery. Known as one of the trio of architects responsible for these groundbreaking innovations, Britto’s enigmatic nature and steadfast avoidance of the limelight have made him a figure of intrigue within the crypto community.
Britto’s name resurfaced recently in a social media exchange involving Ripple’s Chief Technology Officer, David Schwartz. Responding to a long-unanswered question that lingered for over three years, Schwartz directly addressed speculation that he might be Britto himself.
Arthur Britto, alongside Schwartz and McCaleb, was instrumental in shaping Ripple and its flagship digital asset, XRP. The XRP Ledger, a decentralized platform designed for fast and cost-effective cross-border payments, was a product of their collective vision. Together, they sought to address inefficiencies in traditional financial systems, pioneering innovations that continue to influence the blockchain industry.
While Schwartz and McCaleb have maintained active roles within the cryptocurrency community — the former as Ripple’s CTO and the latter as the founder of Stellar (XLM) — Britto’s absence from the public sphere has lent an air of mystique to his contributions. Despite his low profile, Britto remains a revered figure in Ripple’s origin story, embodying a commitment to innovation over individual recognition.
Schwartz’s recent remarks also shed light on the challenges Ripple faced during its formative years, particularly the fallout from Jed McCaleb’s departure. McCaleb, who later founded Stellar to compete directly with Ripple, left a significant mark on the company’s trajectory.
According to Schwartz, McCaleb’s exit stemmed from tensions over corporate governance and diverging priorities. These disagreements reflected broader challenges in the cryptocurrency sector, where personal ambitions and financial incentives often conflict with collaborative innovation.
Ripple’s ability to navigate these obstacles and emerge as a leader in blockchain-based payment solutions demonstrates the resilience of its foundational team, including Britto. While McCaleb’s departure drew public attention, Britto remained quietly steadfast, avoiding controversy and continuing his work behind the scenes.
The Importance of Arthur Britto’s Contributions
Despite his preference for privacy, Britto’s influence on Ripple and the XRP Ledger is undeniable. David Schwartz acknowledged that Britto’s ideas and contributions were central to the creation of the XRP Ledger’s unique features, such as its consensus protocol and its emphasis on scalability and efficiency.
Schwartz’s lighthearted acknowledgment of Britto’s willingness to let others take credit for his ideas suggests a recurring theme in Britto’s role: dedication to the technology over personal acclaim. His quiet yet impactful presence has helped shape Ripple into a company that has consistently pushed the boundaries of blockchain technology.
Arthur Britto’s story is an example of the diversity of personalities driving the cryptocurrency revolution. While many industry leaders thrive on visibility and influence, Britto’s commitment to remaining in the background highlights a different approach: letting the technology speak for itself.
In an industry often defined by controversy and competition, Britto’s low profile stands in stark contrast to his significant contributions. As Ripple continues to expand its global footprint and drive adoption of blockchain-based solutions, Britto’s foundational work remains a cornerstone of its success.
