NewsLogical had an exclusive interview with the Bob Ras, CoinField CEO, a Canada-based cryptocurrency exchange that recently launched an XRP validator and Sologenic, a platform facilitating trading of on-demand tokenized assets on XRP ledger (XRPL).
CoinField aims at using Sologenic to create a bridge between the stock market and cryptocurrency while leveraging XRPL to ensure swift execution of transaction. Via Sologenic, about 30,000 stocks and ETFs like Tesla and Apple will be tradable on XRP ledger (XRPL).
While the exchange’s token Solo (Ƨ) will be used to connect the stock market and cryptocurrency, the token is paired with fiat and used as collateral. Hence stock will be converted to their Sologenic tokenized stablecoin version such as TSLAƨ for TSLA. Sologenic will be available in 193 countries.
In this interview, the CEO discussed what birthed the creation of Sologenic, the reasons for choosing XRP, and what he sees XRP achieving in the next few years
You recently announced the launch of Sologenic, built on top of XRP ledger (XRPL). What’s your reason for choosing XRP?
Great question! XRP has proven to be the fastest & cost-efficient blockchain network in the industry. In the meanwhile, XRP ledger provides all the tools to create a financial ecosystem for a modern era.
What birthed the idea behind the Sologenic innovation?
I’ve been trading stocks & ETFs since my 20s. About three years ago, I decided to diversify my portfolio and invest more in the Crypto market. But that was not easy! I had to sell my assets on the brokerage platform, wire transfer to my chequing account, and again wire transfer back to the Crypto exchange.
This took eight business days, and I had to pay a lot in fees. By the time the money was in the account, the bitcoin price was skyrocketing, so i lost the investment opportunity! This is how the idea came up!
Do you foresee any hindrance from SEC?
Unfortunately, Sologenic is not available in the USA at this moment until SEC can come up with much clearer guidelines in regards to Cryptocurrency, IEO, and crypto ATS.
Sologenic would open XRP to huge adoption across the finance industry. What do you see XRP achieving with this push? Where do you see XRP and Sologenic relationship in the next 5 years?
I’ve seen the XRP community get very excited with a crypto exchange putting XRP as their base currency. Within the Sologenic ecosystem, All the tokenized assets like Stocks & ETFs are tradable only against XRP or SOLO. This is simply like pairing 30,000 STOCKS / ETFs with XRP & SOLO, so you can imagine what kind of significant volume it will bring daily when the project is live.
CoinField uses its crypto, Solo (Ƨ), to serve as a bridge between crypto assets and stocks or ETFs. Stock or ETF can also be converted to a tokenized stablecoin version of Sologenic tradable and redeemable for XRP. With this, do you see XRP’s becoming a reserve currency?
I love to think that will happen soon, but we have to be realistic. There are many different aspects that are involved in setting XRP as global reserve currency like governments & banking system’s acceptance, regulations, and so on.
I think XRP is on the right track to facilitate and modernize the traditional bank transfers with strategic partnerships and their day to day developments. Ripple labs & XRP will undoubtedly revolutionize this industry very soon.
SOLO is built on XRP ledger, does it mean that the coin is solely dependent on XRP?
SOLO is not dependant on XRP; however it can be stored on the same XRP hot or cold wallet.
SOLO Card is emerging with the ability to spend cryptocurrency anywhere around the world. Do you see this card replacing banks’ credit and debit card in the future?
The idea behind SOLO cards is to allow users to spend their tokenized assets in real-time anywhere in the world FREE of any commission fees. The goal is to have people switching to SOLO cards instead of using the traditional credit and debit card.
