While the price appears to be almost tanking, XRP continues to achieve greatness and favor in other aspects, especially where the XRPL (XRP Ledger) is concerned. Just recently, the originally Canada-based crypto exchange, CoinField, announced plans to create a special trading platform where stocks can be traded against cryptos. The new platform is called Sologenic.
During a video interview with Nugget’s News, CoinField’s CEO Bob Ras appeared inclined to favor the XRPL over Ethereum. According to Bob, XRPL offers a more cost-effective and extremely fast means of a funds transfer as compared to others like Ethereum.
Had To Move To Malta
Bob also explained that CoinField had to vacate Canada and set up base in Malta to avoid the complications that come with the gray areas associated with the crypto regulation in Canada. In his view, there are just so many issues that need ironing in terms of regulation so that industry players can have explicit knowledge of what’s legal and what’s not.
Malta has been known to be one of the crypto havens where digital currencies have favor with the authorities. In fact, a lot of crypto-related businesses have been flocking to Malta to enjoy this freedom.
XRPL Beats Ethereum And Stellar
Over the last 6 months or so, the exchange has been working on various platforms, including XRPL, Stellar, and Ethereum. In the end, they ditched Stellar and Ethereum and took up XRPL as their main platform.
XRP Ledger allows for the creation of other tokens to be set up and traded against stocks on the network. According to Bob, this is one huge factor that contributed to the exchange’s decision to choose the XRP network.
The SOLO Token
Since the Sologenic platform will run on the XRP network, it means that there will be only two cryptos against which stocks can be traded. CoinField’s token is named SOLO. To that effect, stocks will be traded against SOLO and XRP. This set up will see the two cryptos exposed to trade with over 30,000 stocks, and that means that the volume, especially that of XRP, will increase significantly.