The Canada-based crypto exchange CoinField has unveiled its mysterious project on the XRP Ledger.
The company says its new platform Sologenic will give people a unique way to gain exposure to stocks and ETFs from more than 25 global stock exchanges. Investors will be issued fiat-backed stablecoins on top of the XRP Ledger.
These stablecoins will be tradable and redeemable against XRP on CoinField. Investors will also be able to trade the stablecoins for SOLO, the platform’s native digital asset.
For example, Shares of Apple (AAPL) would be represented by the stablecoin AAPLƨ; Microsoft (MSFT) would be represented by the stablecoin MSFTƨ.
CoinField CEO Bob Ras says the platform is designed to give anyone in the world a way to essentially invest in any stock or ETF they want.
“We’re making it easy for people around the world to have access to different global stock exchanges via the blockchain.
Imagine living in Tokyo and being able to trade assets from NASDAQ, HKEX, LSE, Deutsche Boerse, and major exchanges on one secure platform. This platform tokenizes stocks on the XRPL as demanded, allowing you to trade it against any cryptocurrency and spend in real-time anywhere.”
CoinField has been quietly working on Sologenic for months and today launched the platform’s website.
Sologenic is scheduled to roll out in the first quarter of next year.