Ripple, the blockchain giant, is backing Bitwise Asset Management’s revamped Physical XRP ETP, now trading under the ticker GXRP. The rebranding is part of Bitwise’s overhaul of its European product line following its August acquisition of the ETC Group.

Blockchain payments firm Ripple (CRYPTO: XRP) on Wednesday announced plans to invest in the newly rebranded Bitwise Physical XRP ETP. The ETP, which is backed by XRP, is part of a broader rebranding effort by Bitwise Asset Management to enhance its European product suite.

Ripple invests in Bitwise's rebranded Physical XRP ETP amid growing demand for crypto-backed investments in 2024.

It has more than doubled in two weeks on several positive catalysts, such as the clearing of regulatory headwinds for closely related Ripple Labs, the launch of money market funds on XRP Ledger, and a technical bullish price analysis.