Sologenic Brings the Stock Market to the XRP Ledger — Market Mad House
Cryptocurrency exchange CoinField has announced the launch of an unprecedented project. Sologenic is an ecosystem to facilitate investing and trading of on-demand tokenized assets on the XRP Ledger (XRPL). The goal at Sologenic is to launch a blockchain platform where anybody can tokenize and trade stocks or exchange-traded funds (ETF) instantly.
CoinField’s CEO & Founder Bob Ras reveals all the details in an exclusive interview:
- Can you describe the Sologenic ecosystem and why there is a need for it?
Bob Ras: Sologenic is a system that is merging traditional financial markets with crypto assets. Let me share with you what happened to me a while back.
I’ve been trading stocks actively since 2005… At one point, I was trying to diversify my stock portfolio and invest more in crypto. It wasn’t really easy for me at that moment because I had to convert my assets to USD, transfer from the brokerage house to my bank account, and again transfer from my bank account to crypto to be able to purchase some Bitcoin. All this increased my costs and I had to wait a few days. And that is how we got the Sologenic idea.
What we basically do is merge these two markets together. We provide the ability for users so they can convert any traditional assets, like stocks or ETFs, with crypto assets instantly on one secure platform. To achieve this goal, CoinField is using the XRP Ledger blockchain solution. The XRP Ledger works with the popular Ripple (XRP) cryptocurrency.
-Why did you decide to launch it on the XRP Ledger?
Bob Ras: Yes, all the tokenized assets… As an example, let’s talk about the Amazon stock. So, users are tokenizing Amazon stock over the XRP Ledger. It means that they can transfer these tokenized assets over the XRP blockchain. Which is fast and secure. The reason that we use XRP Ledger is because of the technology. And the security, scalability, and it being one of the fastest blockchain networks in the world. Literally, our users are going to be able to transfer assets almost instantly from A to B. That’s why we selected the XRP technology.