Sologenic and Ripple Expand in Middle East and North Africa Amid Regulatory ChallengesOctober 11, 2023
Sologenic, headquartered in Dubai, United Arab Emirates, is a leader in global tokenization solutions. Known for its SOLONEX development and Custom-Built CBDC Tokenization Solution, the company is facilitating a digital transformation in the financial sector. Sologenic operates through two distinct platforms: sologenic.com, developed by Core Tech Lab, specializes in asset tokenization, while sologenic.org is managed by the Sologenic Development Foundation, a team of independent developers focusing on open-source projects related to the SOLO token. Both platforms operate under the Sologenic umbrella and contribute uniquely to the vision of a more inclusive and efficient financial future.
Ripple’s Global Ambitions and Sologenic’s Role
According to Sologenic, despite ongoing scrutiny from the United States Securities and Exchange Commission (SEC), Ripple Labs Inc. is actively pursuing global expansion. Sologenic states that Ripple has recently made a significant entry into the Middle East and North Africa (MENA) markets. Sologenic, a native UAE company, is facilitating this expansion by offering tailored solutions to the region’s growing institutional investor community. Sologenic indicates that this collaboration aligns seamlessly with Ripple’s global objectives and positions them as a vital partner in these markets.
Sologenic’s Contributions to the XRPL Ecosystem
Sologenic reports that it has been an active participant in the development of the XRP Ledger (XRPL) ecosystem. According to the company, their SOLO Wallet has successfully integrated over 200,000 users into the XRP Ledger. Additionally, Sologenic mentions that they have entered into strategic partnerships with payment platforms like Uphold and BANXA to offer global access to the ledger. The company also notes that it has gained listings on key exchanges in specific regions, such as Bitpanda in Northern Europe, CoinDCX in India, and CoinsPh in the Philippines. Sologenic emphasizes its commitment to providing advanced tokenization solutions that meet the increasing demand from institutional investors.
Dubai as a Focal Point for Ripple and Sologenic
Sologenic shares that during the Dubai Fintech Summit, Ripple’s CEO Brad Garlinghouse disclosed that the XRP Ledger now hosts over 4.8 million wallets, with 20% of its users coming from the Middle East and North Africa. Sologenic points out that this information underscores the growing demand for Ripple-based solutions in the region. As Ripple intensifies its operations in Dubai’s financial sector, Sologenic positions itself as the go-to resource for all XRP-related activities within the ecosystem, according to their blog post.
Sologenic’s Pioneering Solutions for Institutional Investors
Per Sologenic’s blog post, they are revolutionizing digital asset trading by offering fractional share ownership. This feature, Sologenic states, removes the constraints of traditional ticket sizes, providing greater liquidity and flexibility for institutional investors. Consequently, Sologenic claims to have become the preferred platform for institutions interested in navigating the complex yet promising realm of XRP-based assets.
A Collaborative Future for Sologenic and Ripple
Sologenic states that as Ripple broadens its presence in the Middle East and North Africa, they are well-positioned to offer essential support. According to Sologenic, the partnership between the two companies is set to shape the future of finance, providing institutional investors with the necessary tools to navigate the evolving landscape with confidence and security.
Sologenic and Ripple’s collaborative efforts aim to offer a seamless and secure pathway for growth, particularly for institutional investors interested in digital assets. Sologenic says their focus is on the Middle East and North Africa, a region showing increasing demand for such solutions.
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