Ripple invests in Bitwise XRP fund amid new XRPL Foundation launch
Blockchain firm Ripple is among the four founding members of the newly incorporated XRP Ledger (XRPL) Foundation.
Established on Nov. 26 in France, the organization aims to unify and govern the broader XRPL ecosystem. The foundation brings together Ripple, XRPL Labs, XRPL Commons, the former XRPL Foundation, and key members of the XRP community.
The foundation is committed to ensuring long-term growth, security, and decentralized contributions to the XRPL. Its primary mission is to foster a thriving, inclusive, and resilient XRPL community. Developers and users will have a trusted platform to create decentralized applications, financial tools, and blockchain infrastructure.
The groups initial focus will be reclaiming assets from the previous XRPL Foundation. It also plans to implement a governance model representing developers, users, validators, academia, and infrastructure providers. Key contributorsincluding XRPL Commons, XRPL Labs, Ripple, and XAO DAOwill guide the foundation through board representation and decision-making roles.
The XRPL blockchain continues to gain traction for its scalability, low costs, and regulatory compliance. Notably, its growing role in tokenizing real-world assets (RWAs) has attracted major institutional players like SG-FORGE, the crypto division of Societe Generale.
Support for Bitwise XRP Fund
Meanwhile, Ripple is also ramping up support for XRP through a strategic investment in Bitwises newly rebranded Physical XRP Exchange-Traded Product (ETP).
Formerly known as ETC Group Physical XRP, the product exposes European investors to XRP through a physically backed structure holding the token.
Bitwise CEO Hunter Horsley emphasized XRPs reputation as one of the most recognized and reliable blockchain networks. He added:
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.
Ripple CEO Brad Garlinghouse echoed this sentiment while noting a surge in global demand for crypto-backed investment products. He noted that recent regulatory clarity in the US will likely accelerate this trend, further boosting interest in offerings like the Bitwise Physical XRP ETP.
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Text source: CryptoSlate
