Bridging the gap between crypto and traditional finance
Sologenic: leveraging XRP to tokenize non-blockchain assets across two dozen global exchanges
By Saad Mohammad
With the Securities and Exchange Commission (SEC) repeatedly rejecting exchange-traded funds (ETFs) citing concerns regarding consumer safety and fraud, bridging the gap between the crypto space and institutional investments has been long in the coming.
Recognising the potential of leveraging Ripple to formalise the trade of cryptocurrencies and non-blockchain-based assets, CoinField, a crypto-exchange that operates in 193 countries, has created the Sologenic ecosystem to tokenize stocks, ETFs, and other traditional investment vehicles across 25+ global exchanges. Using Ripple technology, Sologenic will help bring institutional investors into the blockchain fold and will help create new and innovative use-cases for blockchain tech in the financial services and investment industries.
Ripple, the world’s third-largest cryptocurrency by market cap, is the leading blockchain-based solution to costly, unreliable, and slow global payments. By making it easier for financial institutions to reach a trusted, growing network of 200+ providers across 40+ countries on six continents, the platform has recently exploded in popularity, signed roughly 100 new contracts in 2019 alone, and onboards an estimated 30 new partners weekly.
Sologenic, the brainchild of Canadian exchange CoinField, recently announced an ambitious project that will bring thirty thousand stocks and ETFs to the XRP ledger early next year. Built on the XRP Layer, Sologenic uses a combination of a new, native coin called SOLO, along with XRP tokens, against widely recognised brands and fiat currencies such as USD, EUR, AAPL, TSLA, and others to facilitate the trade of these stocks against cryptocurrencies. The SOLO token also provides liquidity to a global network of partner exchanges and will allow institutional investors to buy, sell, and trade non-blockchain assets and investment tools with cryptocurrencies using XRP and SOLO pairs.
Project Backing & Media Coverage
Sologenic’s advisory team includes many renowned experts in various related fields. The founder of XRPL Labs and a leading voice in the XRP space, Wietse Wind, has publicly welcomed the project and is a Sologenic’s adviser. Sologenic has been covered in the media by CoinTelegraph, Yahoo, Investing.com, and other outlets.
Viable bridges between the crypto world and the traditional financial world have been eagerly sought by numerous movers and shakers in the crypto space, from the Gemini Fund of Tyler and Cameron Winklevoss to up-and-coming equity and stock trading services, such as ProShares, Direxion, and GraniteShares.
The issue, however, has been establishing credibility, liquidity, transparency, the security of investor funds, and seamless trade between crypto, fiat, stocks, and other instruments (and vice versa). What makes Sologenic different are the following value propositions:
– With Sologenic, users can trade stocks (even fractions of them) on a decentralized exchange (DEX) around the clock
– With Sologenic’s Liquidity Provider Reward Program (LPRP), those who stake their SOLO tokens can earn rewards of 20% annually
– Monthly rebates using Sologenic VISA cards (which are just one of several upcoming products, alongside the DEX) provide cashback rewards of up to 2% for community members
– Low trading fees (starting at 0.01%) up to 50% discounts on trading fees for VIP holders of SOLO tokens on the Sologenic DEX
– Access to the SOLO Community Fund (SCF) for raising seed capital to support promising projects
– Community participation and project growth that are incentivized by the Community Participation Program and the SOLO Expansion Fund (SEF), both of which are designed to increase community engagement, facilitate promotional activities, and grow the SOLO ecosystem
– Access to the top global stock exchanges to SOLO community members so that Sologenic users can trade a wide range of stocks from over 25 global stock exchanges using cryptocurrencies instead of being restricted to trading or investing in the stocks available in their respective regions
Users of the platform will keep their own private keys, allowing them to transfer or trade their crypto assets without any third-party involvement. Thanks to trading with no middlemen, Sologenic will allow users to purchase different tokenized asset classes on a single platform without having to deal with multiple brokerages. Because SOLO will tie in seamlessly with traditional financial institutions, the SOLO crypto card will allow users to use crypto for their daily financial needs, such as making ATM withdrawals, shopping, and paying utility bills.
While many different projects and initiatives have been undertaken to bridge the gap between the crypto world and traditional financial services, Sologenic is strategically placed to make the tokenization of traditional financial assets and investment vehicles a reality. Thanks to the backing of CoinField, the use of XRP’s underlying technology, and the guidance of XRPL Labs, Sologenic is posed to be not only a crypto game-changer but an important player in the wider fintech services space in 2020 and beyond.
Learn more about the project by visiting the Sologenic homepage and by viewing the project whitepaper. You can also interact directly with project members on Telegram, LinkedIn, Twitter, Facebook, and Instagram.