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.
– What is SOLO coin?
Bob Ras: SOLO coin is our cryptocurrency. In order to be able to design the whole ecosystem and provide market making and liquidity to the whole Sologenic ecosystem, we needed to develop a coin. That’s how we came up with the SOLO Coin. SOLO is executed on the XRP Ledger. Basically, it’s fast and it can be transferred instantly between two individuals.
– What assets will people be able to trade through the Sologenic decentralized exchange?
Bob Ras: What we do is we provide over 30,000 stocks from 25 different global stock exchanges for trading. Let’s talk about NASDAQ. During the market hours users are going to be able to trade on our centralized exchange, tokenized assets. However, when the NASDAQ market is closed, they can trade on the decentralized exchange based on whatever price they decide.
The whole idea is to make it simple for people to be able to have access to have a broad portfolio of stocks. Also, we want for people to be able to convert their crypto assets to non-crypto assets like stocks and ETFs. And, in addition, we have introduced our card, we call it Solo Crypto Card. Users are going to be able to put their assets as collateral on the card, and spend it anywhere in the world. It’s a debit card. We offer four different tiers depending on the portfolio amount – on how much you keep in your portfolio.
– How will Sologenic help with the mass adoption of crypto?
Bob Ras: That’s a great question. If you look at the cryptocurrency market at this moment, quite frankly, nobody is using crypto in their daily lives. You don’t see people paying for their coffee with Bitcoin. You don’t see people buy houses with crypto.
The whole idea is to connect these two markets together. Basically, people are able to use their cryptos to buy non-blockchain assets. We provide an opportunity for more people to get involved in the stock market. We are actually helping the crypto mass adoption by helping more people invest in the stock market.
– How will Sologenic benefit the stock market and stock traders?
Bob Ras: In regards of the benefits to our traders and our users, there are three programs in the ecosystem. The first one is the community participation program. Users are going to be involved in decision making. Those decisions include deciding which assets are going to be traded. They are going to be able to participate in that and provide their feedback. We have another program – the Solo Community Fund (SCF), which helps the blockchain and cryptocurrency ecosystem to grow globally by supporting different decentralized projects. Our community will decide how we are going to spend money from the community fund.
We also have another fund called the Solo Expansion Fund (SEF). It helps to grow Sologenic globally. The community is involved in every step of these programs.
– Can you use other cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) to buy assets on Sologenic?
Bob Ras: Sologenic only uses XRP (Ripple) and SOLO Coin. However, other cryptocurrencies are tradable against these assets in our CoinField exchange.
– Can you use fiat currencies to pay for stocks on Sologenic?
Bob Ras: Any fiat conversion is going to be done through our centralized exchange. It’s very similar to the banking system. Customers would need to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations for any fiat-currency transaction.
– What stock can you trade over Sologenic?
Bob Ras: We offer a huge portfolio of stocks. Over 30,000 different assets are tradable on Sologenic. You can trade stocks from London, Shanghai, Germany, Australia – the 25 top global stock exchanges.
– While Sologenic was just publicly announced last week, it seems that the project has already been nominated for an award. Could you tell us more?
Bob Ras: We have been selected as one of the top three contenders for the DeFi award at the Malta AI and Blockchain Summit. That is an award for the best decentralized financial project of 2019. The Malta AI and Blockchain Summit is one of the largest cryptocurrency conferences in the world, which will take place next month. We will be presenting and showcasing our new project – Sologenic.
For more information please visit: https://www.sologenic.com/