The CEO of Sologenic, Bob Ras, has just announced that his XRPL-based platform that merges traditional financial markets with crypto assets, Coinfield, is set to release liquidity for both SOLO token and XRP.
Ras made the announcement in a tweet, revealing that the team has been working fervently on the development for the past few weeks. He was happy to announce that the development is ready and would soon be released for use.
Ras noted that the said all tests for the liquidity product have been successful.
“Over the past few weeks we’ve been working on a solution to provide some liquidity for both SOLO & XRP on the XRPL DEX. We’re glad to inform that all tests have been successfull & It’ll go live shortly today”, Ras said.
He further said that the XRPL-based banking application XUMM gives users easy entry to accessing DEX and trade SOLO token in a secure way.
Over the past few weeks we’ve been working on a solution to provide some liquidity for both $SOLO & $XRP on the #XRPL DEX. We’re glad to inform that all tests have been successfull & It’ll go live shortly today. #XUMM offers an easy way to access DEX & TRADE $SOLO SECURELY. https://t.co/QRqCoBOcpL
— Bob Ras (@bobrasX) April 17, 2020
Ras made the declaration after Wietse Wind clarified why SOLO token does not exist on XUMM application anymore.
Wietse, the creator of XUMM application, was asked by a crypto twitter community member on why Sologenic\SOLO disappeared from XUMM.
In response, the XRPL developer said SOLO was removed from XUMM application to prevent users from losing funds badly.
Wietse said at present, the SOLO token has no liquidity and has a low offer. He pointed that a small number of people are using it for transaction, hence resulting in high price volatility.
Wietse added that in the interest of users, “XUMM automatically hides IOU’s from the “Add currency” list if this is the case.”