CoinField, a cryptocurrency exchange, is on the verge of making stocks available for trading on the XRP ledger. According to an interview with Decrypt, Bob Ras, the CEO of CoinField mentioned that stocks, fiat-supported Stablecoins and ETFs from different exchanges across the globe will be accessible to traders on the XRP ledger from 2020.
He added that this “ecosystem” will merge non-blockchain conventional market assets with cryptocurrency assets. He announced that CoinField gives its patrons the capacity to tokenize any asset at will and that the tokenizing can be selected from a basket of over 30,000 stocks and ETFs.
Ras concluded by saying that this innovation will help foster the adoption of cryptocurrencies even further.
How Solo Will Work
CoinField plans on using their cryptocurrency, Solo (Ƨ) to serve as a connector for cryptocurrency assets and stocks or ETFs. Solo will then be coupled with fiat currency and will be usable in transactions with other brokerage corporations.
An example is this: Apple shares (AAPL) would get transformed into a tokenized Stablecoin edition of the Apple stock which is AAPLƨ, also, USD would become USDƨ.
These newly created “Stablecoins” can then be traded against XRP as well as Solo on Coinfield’s exchange and XRPL DEX.
Confield has been developing this program for the past 6 months. They have collaborated with enterprises like Wieste Wind, and Cashaa to make this project a reality.
The product will be released in the first quarter of 2020 through a public IEO. Solo users will have the ability to exchange their tokens for Bitcoin as well as other assets. They will be provided with a “crypto card” to allow them to use cryptocurrency assets as collateral and can use it instantly anywhere on the planet.
In the second quarter, CoinField plans on releasing an exchange, however, patrons will not be able to use the platform until much later in the year. The exchange is expected to acquire a brokerage licensing from Estonia’s authorities in 6 months.
The establishment is presently headquartered in Canada but they have plans on relocating to Spain.
Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.