Connect with us

Ripple

SOLO to launch its XRP ledger-based decentralized exchange

Published

on

SOLO ecosystem is about to launch its DEX by the end of this month, with its ETF and government issued fiats
Sologenic platform is expected to feature convinient trade and store of cryptocurrency 24/7
The ecosystem aims to bridge the gap between traditional financial market and crypto assets
SOLO tokens are created to provide liquidity instantly
SOLO or Sologenic, an ecosystem enabling crypto trading and on-demand tokenization of assets like stocks. Sologenic’s exchange traded funds (ETF), and fiat with its decentralized exchange (DEX) will soon be launched on the XRP ledger. Indeed, all are exoected to go live by late March. Bob Ras, the co-founder of Sologenic and the chief executive officer of CounField has revealed the launch news via tweet. According to Ras, the Sologenic mobile app and web app will be released by the end of this month.

Advertisement

Characteristics of the Sologenic decentralized exchange

According to Ras, the main focus behind the DEX is to easily allow crypto trading and storing. Moreover, the DEX will allow to store XRP, SOLO, and other tokenized crypto assets. It will also provide access to XRPL DEX and the ability to trade 24/7. To offer such services, the exchange has integrated PayString, which offers universal payment identifier, and facilitates crypto transactions. To facilitate crypto transactions it is expected to be using PayMe+ by providing crypto wallets like Ledger and XUMM.

What does SOLO ecosystem aims to offer?

The ecosystem of SOLO is built upon the XRP ledger, providing tokenization option for a range of assets in the traditional financial market. However, tge platform aims to bridge the gap between between traditional financial market and the blockchain technology. To follow their aim, the platform will be allowing uts users to invest and trade crypto assets and traditional assets from more than thirty global exchanges. The exchange is planning to tokenize mire than 40k stocks, ETFs, and commodities.

According to Ras, their main vision is to facilitate mass adoption of cryptocurrency. Which can happend by allowing the undividuals to tokenize the entire economy on Ripple’s blockchain and using cryptos in any possible way.

Advertisement

How will Sologenic tokens help to provide instant liquidity?

Sologenic ecosystem’s native token is SOLO. It is known that the token is designed to make the market and provide liquidity. SOLO tokens are issued on the XRP ledger.Which helps the token to create liquidy instantly by creating a dynamic bridge. Indeed, last year the tokens were issued on CoinField crypto exchange, in an IEO. , currently at time of writing, the token is at 225th position in terms of market capitalization.

News Source

 

Advertisement

XRP

XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal

Published

on

ripple-v-SEC


The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.

Ripple Opposes SEC extension appeal to save XRP from an isolated bear run

While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.

The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.

Advertisement

SEC supports extension appeal with pending motions

The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.

“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.

News Source

Advertisement
Continue Reading

Ripple

XLM May Get in Trouble If XRP Deemed a Security: XRP Researcher

Published

on

A researcher from the XRP community believes that XLM and Stellar may get in trouble should the SEC deem XRP a security

Researcher Leonidaz Hadjiloizou has posted a tweet, in which is asks the opinion of the XRP community about which side in the Ripple-SEC legal battle the company’s co-founder and former CTO Jed McCaleb would take, if he were to do it.

According to Hadjiloizou, should the SEC win and XRP is deemed a security, then Jed and his company Stellar which he created as a rival to Ripple will be in for hard times. If the court rules that XRP is a security, then McCaleb broke the law by selling these potentially unregistered securities – 9 billion of them that he received from Ripple as compensation as part of the Settlement Agreement.

Advertisement

Besides, Hadjiloizou says that if XRP is announced a security, then the native token of Jed’s Stellar, XLM, may also get in trouble and, perhaps, face similar accusations.

So far, no legal action has been filed by the SEC against Jed McCaleb, even though he co-founded Ripple Labs together with Chris Larsen. The latter and the CEO Brad Garlinghouse, along with Ripple Labs, are the defendants in this legal case of the SEC against Ripple.

Advertisement

Jed has been selling his 9 billion XRP in parts, however, he has not sold any coins since September 1.

News Source

Advertisement
Continue Reading

Ripple

Ripple Shifts 33.8 Million to Huobi in Past 2 Weeks, After Allocating 100 Million XRP for It

Published

on

Ripple fintech firm has sent almost 40 million XRP to Huobi since October began from the 100 million allocated for it in the first place

Data provided by the analytics platform Bithomp that works with XRP transactions, over the past eighteen days, Ripple distributed ledger tech provider has shifted 33,805,080 XRP to the major digital exchange Huobi.

One third of Ripple’s 100 million XRP shifted to Huobi

This amount of crypto equals to $38,790,225. The size of weekly transactions has been changing since September 29, when Ripple allocated a whopping 100 million XRP lump to be sent to Huobi in regular transfers – it started as 1,542,780 XRP, continued as 2,309,580. So far, Ripple is moving 1,911,150 XRP lumps to Huobi.

Advertisement
10171_0
Image via Bithomp

The exchange has recently announced its withdrawal from mainland China and by December 31 it plans to stop crypto trading against CNY.

XRP becomes number one choice for UK retail investors

At the time of writing, the sixth largest cryptocurrency, XRP, is changing hands at $1.15, showing a mild rise of 2.54 percent, as per the data provided by CoinMarketCap.

As reported by U.Today earlier, a recent report by a leading trading platform eToro stated that the majority of retail crypto investors in the UK now prefer XRP as their top asset. Cardano’s ADA is the second favorite.

Ripple Labs has recently joined the Digital Pound Foundation to help UK authorities work the CBDC they are developing – digital pound sterling.

Advertisement

News Source

Continue Reading