CoinField revealed the details on its Sologenic tool, a sophisticated ecosystem that would allow on-demand trading of tokenized assets. Sologenic uses the XRP distributed LEDGER to account for stocks, ETFs or fiat-backed stablecoins.
To achieve liquidity and encourage market-making, CoinField also introduces SOLO coins. The asset will be issued on the XRP ledger, meaning liquidity is available and movable on-demand in a matter of seconds. This means settlements between crypto assets and non-blockchain assets can be achieved immediately, creating a bridge between traditional and digital securities and tokens.
SOLO coins will be immediately available on the CoinField exchange, and will be added to the upcoming DEX, with a view to spreading to major global exchanges.
Sologenic aims to merge traditional finance with distributed ledger technologies, so users can invest, spend, trade, and tokenize assets. It would be possible to tokenize a coin based on Tesla (TSLA), or USD, which would then be tradable and redeemable for XPR or SOLO.
Sologenic will also expand its ecosystem through a Crypto Card, which utilizes crypto assets as collateral and allows worldwide spending.
“We’re making it easy for people around the world to have access to different global stock exchanges via the blockchain. Imagine living in Tokyo and being able to trade assets from NASDAQ, HKEX, LSE, Deutsche Boerse, and major exchanges on one secure platform,” said Bob Ras, CoinField CEO.
“This platform tokenizes stocks on the XRPL as demanded, allowing you to trade it against any cryptocurrency and spend in real-time anywhere. Ultimately, Sologenic helps the mass adoption of cryptocurrency by allowing people to invest in stocks. It’s a WIN-WIN for everyone!"
To boost adoption, Sologenic aims for a community-based ecosystem, where users also participate in decision making. For that reason, the project established the SOLO Community Fund (SCF) and the SOLO Expansion Fund (SEF). An open-source SDK has been provided for developers to add to the project. Even regular users have incentives for time-based reward programs, and receive returns of up to 20% annually.
As Sologenic put together some of the most advanced crypto tools and linked them to traditional finance, the aim is to create an innovative economic system, to achieve liquidity and rewards. The adoption of the XRP ledger also allows for fast and cheap transactions, free from the limitations of other types of networks.
The Sologenic products arrive just as Ripple has reformed its portfolio of products, uniting xRapid and xCurrent under the RippleNet moniker, with the optional usage of XRP by all clients, including banks and other financial institutions.
