The Sologenic platform that was introduced by CoinField will merge traditional financial markets and crypto on the XRP Ledger.
Canadian crypto exchange CoinField has unveiled its top project Sologenic today at Malta AI and Blockchain Summit (AIBC), during the second day of the conference. CEO Bob Ras explained how Sologenic will merge traditional financial markets and crypto on the XRPL (XRP Ledger). Ras spoke exclusively to Coinspeaker at the conclusion of his presentation.
Bob, you what was the key message that you delivered today in Malta about Sologenic?
Bob Ras: If you look at the market size of stocks and ETFs with cryptocurrencies today, you would realize that they are not even comparable. The crypto market is tiny. Everyone is talking about the cryptocurrency mass adoption, everyone is saying “oh, how we can help the crypto mass adoption”. I think the solution is to merge these markets – that will bring a massive combined volume and will help crypto. It will benefit the traditional markets as well and get more crypto traders in. So that was the key message today.
How will Sologenic develop in the next few months?
Bob Ras: The project has already been in development for a few months now. We started Sologenic back in April but we only announced it 3-4 weeks ago. We have a roadmap and we will make sure that we follow it and launch accordingly. In Q1 2020 we are going to launch crypto cards, and then in Q2 of 2020, we will be launching an exchange. In Q3, once we have the securities trading license, a brokerage license, we will start securities trading on the platform. The development of the whole project will be completed in the next 2 months, the main key thing for us at that point would be the license – we need to make sure that we are issued the license before we can begin trading securities on the platform. It is a lengthy process that will take 9 months, that is why our estimate for the start of trading is around Q3.
How can all XRP supporters participate in the SOLO program right now?
Bob Ras: The SOLO token will be publicly sold in two phases. In December we are having a private, invite-only sale. We sent an invite to the top 25,000 users on Confield.com and we also are sending another 25,000 invites to people on our waiting list. So far we have more people registered than that. The subscribers will have 72 hours to pass the KYC before the start of the private sale, set up their accounts and go through all other verification processes. After all that is done, we choose 25,000 people from the ones who applied. The private sale will be followed by a public sale in January on a third-party platform (the IEO).
How is the Malta summit this year? What do you think about the atmosphere, the mood among those who came to visit?
Bob Ras: This year over 6,000 people came to visit. I am seeing a lot of new projects, a lot of new companies actually. I am also witnessing many new ideas being developed. I think it is going to be a fantastic year for cryptocurrency. We have received a lot of support from the XRP community and I think our project is going to give a huge boost to the XRP. The tokenized assets are going to be tradeable on the decentralized exchange only against the XRP and SOLO, so we are listing 30,000 stocks and ETFs, which will bring a huge volume of trading for the XRP and will help the mass adoption of the XRP.
Interviewed by Stan Kisselev