Ripple CEO Brad Garlinghouse recently weighed in on a notable development in the cryptocurrency sector, highlighting Bitwise’s filing for an Exchange Traded Product (ETP) focused on XRP, Ripple’s native digital asset.
In a tweet, Garlinghouse commented on Bitwise’s announcement by drawing attention to the broader trend in the crypto industry, stating: “First BTC, then ETH…it was only a matter of time. This move underscores the growing trust & integration of digital assets like XRP into traditional finance, marking the continued adoption and maturation of the crypto market. I sense this is just the beginning.” This comment reflects the growing acceptance of digital assets in traditional finance.
Bitwise Asset Management, a prominent cryptocurrency investment firm, made headlines by filing an initial registration statement with the U.S. Securities and Exchange Commission (SEC) for a new XRP-focused ETP.
The filing is a significant milestone in the growing interest in cryptocurrencies for mainstream investors, particularly those who hesitate to enter the market through more direct methods, such as purchasing individual cryptocurrencies.
Ripple’s Position in the Evolving Crypto Market
Garlinghouse’s response emphasizes Ripple’s pivotal role in the evolving cryptocurrency landscape. With the increasing number of financial products built around digital assets such as Bitcoin (BTC) and Ethereum (ETH), the inclusion of XRP in Bitwise’s ETP lineup represents a key development.
Ripple’s XRP has long been positioned as a digital asset focused on cross-border payments, facilitating faster and more cost-effective transactions preferably than traditional financial systems.
As more institutional investors and financial institutions explore the potential of blockchain technology and digital assets, XRP’s integration into mainstream financial products like ETPs signals a shift in the perception of cryptocurrencies.
What was once viewed with skepticism by traditional finance is now gaining recognition as a legitimate asset class, with growing trust in the technology behind these digital currencies.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The Significance of Bitwise’s Filing
Bitwise’s CEO, Hunter Horsley, also expressed enthusiasm about the company’s latest step in broadening its range of investment products. In Bitwise’s announcement tweet, Horsley stated, “We believe blockchains will usher in new apolitical monetary assets and permissionless applications for the 21st century.”
He elaborated on Bitwise’s objective, noting, “We aim to help investors access the opportunities in the space, and are excited to continue that work with our filing for a Bitwise XRP ETP.”
Filing an XRP ETP aligns with Bitwise’s strategy of providing institutional and retail investors with diversified options to access the cryptocurrency market. It also signifies a deeper level of maturation within the market, as regulated investment vehicles become more commonplace.
An ETP tied to XRP would offer investors exposure to the asset without the need to directly manage or store the cryptocurrency, addressing a key concern for many traditional investors interested in cryptocurrencies but wary of their volatility and technical complexities.
Growing Institutional Interest in XRP
The development further reinforces the growing institutional interest in XRP, particularly as regulatory clarity surrounding the asset begins to take shape. XRP has faced legal challenges in recent years, most notably its ongoing case with the SEC regarding its classification as a security.
Garlinghouse’s comment that “this is just the beginning” suggests that Ripple anticipates further integration of XRP into traditional financial markets. As more institutional investors adopt products like Bitwise’s XRP ETP, it could lead to increased liquidity and broader acceptance of the token as a trusted asset in global finance.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
