- The crypto exchange CoinField has announced the launch of the Initial Exchange Offering of the Ripple-based Sologenic.
- CoinField will offer Sologenic’s native token SOLO, during the IEO. Between February 18 and 25 the token can be purchased for a fixed price of 0.25 USDT.
European-based crypto exchange CoinField has announced the launch of the Initial Exchange Offer (IEO) for Sologenic, a blockchain platform based on Ripple’s XRP Ledger. According to a press release, the IEO was launched on February 18 at 10 am CET and will end on February 25, 2020, at 19:00 CET. This is the first IEO based on the XRP Ledger.
Previously, CoinField had successfully launched and completed the VIP advance sale of the SOLO brand. Now interested parties can purchase the domestic token from Sologenic at a fixed price of 0.25 USDT. Public trading of the token will begin after the IEO, although the price is subject to market fluctuations. The investors who wanted to become part of the IEO had to go through a KYC process. The registration option was available on the CoinField site and investors had to go through a verification process by February 17, 2020, to get a pro account. Furthermore, the process and sale was not available to citizens or entities in the United States and Canada.
Sologenic announced a series of contests to encourage investors. In addition, the platform announced on its Twitter account that investors who cannot participate in this IEO will have the opportunity to do so in the future. Otherwise, they confirmed that its SOLO token will be listed on other exchanges and will be available for global trading.
CoinField CEO and co-creator of Sologenic, Bob Ras said he is pleased with the development of Sologenic’s ecosystem. In addition, he said regarding the launch of the SOLO token:
We’re very driven towards our goal as we move forward, which is to get SOLO listed on most global exchanges in 2020. I’m pleased to say the discussions have already started!
Sologenic drives Ripple development
As reported by CNF, Sologenic confirmed on its Twitter account that it will launch a rewards program to boost the development of Ripple’s technology. The blockchain platform wants to have a greater role in the growth of the XRP Ledger on which Sologenic is based. Funds to finance the reward will come from the SOLO Community Fund and will go to 10 entities for individuals who can complete a proposal by 2020.