Crypto Exchange CoinField Bringing Stock and Fiat-backed Stablecoins on the XRP Ledger
CoinField’s sologenic is a sophisticated ecosystem aiming to facilitate investing and trading of on-demand tokenized assets, including Stocks and ETFs from 25+ global exchanges on top of XRPL.
Last Tuesday, Canadian cryptocurrency exchange CoinField revealed in a press release details
on its new project Sologenic. The innovative idea is to make stocks such as Tesla and Apple tradable on
the popular XRP ledger.
“We’re making it easy for people around the world to have access to different global stock exchanges via the blockchain.” said Bob Ras, CoinField CEO, and added “Imagine living in Tokyo and being able to trade assets from NASDAQ, HKEX, LSE, Deutsche Boerse, and major exchanges on one secure platform. This platform tokenizes stocks on the XRPL as demanded, allowing you to trade it against any cryptocurrency and spend in real-time anywhere.”
For market-making and liquidity, Sologenic deploys SOLO Coins (?), which are issued on the XRP ledger to ensure that liquidity transactions take place in a matter of seconds. They work as a dynamic bridge between crypto-assets and traditional assets by being paired directly with fiat as collateral to settle with third-party brokerage firms.
On Sologenic, users can invest, trade, and tokenize assets such as stocks, ETFs, and fiat on-demand with ultra-fast and efficient transactions in real-time. For example, a tokenized stablecoin of TSLA or USD is presented as TSLA? or USD?. These stablecoins are tradable and redeemable against XRP and SOLO on both CoinField exchange and XRPL DEX. The new tool merges the most tried and true aspects of traditional financial markets with all the efficiency benefits of cryptocurrency technology, especially the transaction
speeds of XRP.
“Ultimately, Sologenic helps the mass adoption of cryptocurrency by allowing people to invest in stocks. It’s a WIN-WIN for everyone!” – Bob Ras, CoinField CEO
SOLO will be available for trading on CoinField’s existing exchange and major global crypto exchanges. Moreover, the company announced an upcoming Decentralized XRPL Exchange. The exchange built on top of the XRP ledger enables users to trade issued tokenized assets for SOLO or XRP.
Sologenic is a community-based ecosystem where users can participate in different decision making events and benefit from the SOLO Community Fund (SCF) and the SOLO Expansion Fund (SEF). Developers are encouraged to contribute to the Open Source SDKs and other decentralization initiatives. Users can voluntarily participate in multiple time-based reward programs and receive up to 20% rewards annually. SOLO holders are eligible to obtain a free Crypto Card which enables them to spend their SOLO coins instantly anywhere in the world. Cardholders will receive a monthly rebate up to 2% on the total amount spent via these cards.
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