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Ripple and CoinField tokenize stocks and ETFs

  • The Canadian crypto exchange CoinField has announced the trading platform Sologenic. 
  • Based on the XRP Ledger, Sologenic tokenizes stocks and ETFs from more than 25 global exchanges that can be traded using XRP and SOLO. 

Ripple and the Canadian-based crypto exchange CoinField unveiled a new platform called Sologenic in a press release yesterday. Sologenic is an ecosystem based on XRP and RippleNet that aims to tokenize stocks, funds and ETFs and facilitate the trading of on-demand token assets. In other words, the platform bridges the gap between crypto assets and non-blockchain assets (such as stocks and ETFs) from more than 25 global exchanges.

The traditional financial products are tokenized and corresponding stablecoins are issued on the XRP Ledger. For example, shares of TSLA or USD are issued as TSLAƨ or USDƨ. These stablecoins will be tradable and redeemable against XRP and the SOLO coin. The latter is used by Sologenic for market making and the liquidity supply.

The SOLO Coins are issued on the XRP Ledger so that the liquidity is available within seconds. In addition, the SOLO Coins will be available for trading on the CoinField exchange, the upcoming DEX and in the future on the “major global exchanges”. SOLO holders are also entitled to receive a free crypto card “to use their crypto assets as collateral and instantly issue them anywhere in the world”.

Bob Ras, CEO of CoinField, explained that the platform was designed to give everyone in the world an opportunity to invest in any stock or ETF:

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. 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 increase the acceptance, Sologenic strives for a community-based ecosystem where users can participate in various decision making processes and benefit from the SOLO Community Fund (SCF) and the SOLO Expansion Fund (SEF). For developers, CoinField has released an Open Source Software Development Kit (SDK) to promote decentralization initiatives. In addition, a reward program with an annual return of 20% was announced.

Sologenic will be launched in the first quarter of next year.

XRP price ahead of a pump?

Ripple’s XRP price has risen by around 11% in the last 30 days, following the steady positive news in recent weeks. Ripple most recently announced investments in Bitso and the Vega protocol. It was also announced that SWIFT was testing RippleNet. Nevertheless, the Ripple price has still fallen by around 15% this year.

However, another uptrend may be in sight in the coming weeks as the ripple event “Swell” will take place next month from November 7th to 8th, 2019. The annual conference is usually a bullish sign for the XRP price. As the Twitter user Galaxy noted, XRP rose by +115% in 2017 and +220% in 2018, in the two weeks leading up to the conference, before falling significantly afterwards.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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