Coinfield’s new XRPL project Sologenic aims to provide an easier and more encompassing way of investing and trading. There are now plans to expand its capabilities to stock trading on the all-important XRP ledger.
A little while ago, Coinfield released their XRPL project known as Sologenic. It brought about a more sophisticated and better way of investing and trading and provided the tokenization of fiats and ETFs whenever required.
Sologenic brought impressive capabilities with it and was much admired by competitors and users alike. Bob Ras, the Coinfield CEO has however just announced a move to improve on the capabilities of Sologenic by making it capable of stock trading on the XRP ledger.
“Users can trade the tokenized assets during the stock exchange market hours on CoinField’s centralized exchange at the same price as the market. If it is after hours, users can trade on the Decentralized exchange.”
Coinfield's CEO made this known in an interview with TechBullion. He elaborated on the issues faced by users seeking to spread out their risks by purchasing cryptocurrencies and his intention to ameliorate this.
Sologenic aims to make life easier by providing users with the opportunity of trading in tokenized assets whenever stock exchange markets are open for business. According to Ras, users of Sologenic can make use of the platform to trade their tokenized assets during the period that stock exchanges are active and at an identical price as that found on the market. Trading is also possible after hours, but that will have to be on the decentralized exchange.
The tokenized assets can only be traded against SOLO or XRP. This means that 30,000 ETFs/Stocks must be paired with the duo of coins. More, the tokenized assets can be redeemed for XRP. This can be potentially used as a reserve currency, but not till strict requirements are met.
“There are many different aspects that are involved in setting XRP as global reserve currency like governments & banking system’s acceptance, regulations, and so on. I think XRP is on the right track to facilitate and modernize the traditional bank transfers with strategic partnerships and their day to day developments.”
XRP Goes Global
In the same interview with TechBullion, Ras elaborated on the difficulties and advantages of making XRP a global reserve currency. He confidently asserted that XRP was on the right track and was well on the way to improving and modernizing traditional methods of banking and finance and possibly revolutionizing the industry.
The company plans to hold XRPxSOLO summits in no less than 6 countries, with the US not included. Sologenic will also not be available to people in the US. This state of affairs according to Ras will continue till the SEC publishes much clearer guidance related to IEO, crypto ATS and Cryptocurrencies.
Based on previous announcements, the Sologenic project will go live in the first quarter of 2020.