Ripple and its native cryptocurrency XRP are known in the cryptocurrency space for their ability to rile up their user communities with new announcements. The reaction from the user base has been a testament to the organization’s struggle to make products compatible with ongoing trends and technologies.
The latest update related to Ripple and XRP came when CoinField, the famous Canadian cryptocurrency exchange, revealed that they were working on a new project called Sologenic that will be fully built on the prominent XRP Ledger. Sologenic’s whitepaper stated:
“Sologenic is introducing a sophisticated ecosystem that facilitates users with investing, trading, and on-demand tokenization of assets such as stocks, ETFs, and fiat on top of the XRP Ledger. A tokenized stablecoin of TSLA stock or USD fiat is presented as TSLAƨ or USDƨ, respectively. These stablecoins are tradable and redeemable against XRP and SOLO on both CoinField exchange & XRPL DEX.”
The report from CoinField claimed that the company would initiate 30,000 stock options on the XRPL, which will be skewed for cryptocurrency trading. Bob Ras, the Chief Executive Officer of CoinField, stated that the users would be highly benefitted after merging the traditional financial market with popular digital assets.
The exchange has further added that the commitment is still towards the users and that 50 percent of all transaction fees generated from trades will be burned instantly by sending the native SOLO coins to the gateway’s issuing address. Bob Ras elucidated:
“It’s an ecosystem, merging traditional financial market assets—non-blockchain financial systems—with crypto assets. We offer our customers the ability to tokenize any asset on demand. Users can tokenize over 30,000 stocks and ETFs.”
The latest development on the XRPL is expected to set a precedent when it comes to large cross border transactions and more seamless experience for the users involved. The last week witnessed some essential announcements from Ripple, and the Sologenic update is something that the community is looking forward to. Some users also expect the movement to contribute to an XRP price hike towards the close of 2019.
At press time, XRP was trading for $0.29 with a total market cap of $12.49 billion. The cryptocurrency also held a 24-hour market volume of $1.65 billion after a slight 1.86 percent dip in value during the 24-hour spectrum.
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