How To Buy Sologenic (SOLO)?

A common question you often see on social media from crypto beginners is “Where can I buy Sologenic?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Sologenic (SOLO)

First, you will need to open an account on a cryptocurrency exchange that supports Sologenic (SOLO).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Sologenic (SOLO) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Sologenic (SOLO)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Sologenic (SOLO) or Sologenic (SOLO) trading pairs. Look for the section that will allow you to buy Sologenic (SOLO), and enter the amount of the cryptocurrency that you want to spend for Sologenic (SOLO) or the amount of fiat currency that you want to spend towards buying Sologenic (SOLO). The exchange will then calculate the equivalent amount of Sologenic (SOLO) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Sologenic (SOLO) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy Sologenic (SOLO)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Sologenic (SOLO)?

Sologenic is a solution based on the XRP blockchain network created for retail and institutional investors, that tokenizes securities and assets from a wide range of TradFi and disruptive markets. The project’s goal is to bridge the gap between the old world of traditional finance and cryptocurrencies by tokenizing the economy, allowing investors to use crypto assets in any way imaginable.

Sologenic is practically an entire ecosystem that offers a decentralized exchange, native blockchain wallet, and a tokenization brokerage solution. But before exploring the benefits of these products and services, we will first explain how Sologenic works and what its purpose is.

Sologenic’s overall goal is to enable on-demand tokenization of over 40,000 traditional assets such as stocks, commodities, and ETFs from over 30 worldwide stock exchanges. The team believes that in order to meet the needs of the financial industry, such a service must rely on an advanced and modern blockchain, such as Ripple.

Each derivative on Sologenic is created in the form of a stablecoin. These stablecoins are backed on a 1:1 ratio basis, in contrast to the real-world asset in question. Stablecoins are used to represent ownership, and when a tokenized asset is created, it is denominated by the ‘s’ symbol.

Sologenic’s main business concepts are as follows:

• On-demand tokenization
• Trade non-blockchain assets
• Cryptocurrency cards
• Community participation
• Staking rewards

What is the SOLO Token?

Sologenic is a utility token designed for market-making and provides liquidity for on-demand tokenization of assets such as stocks, ETFs and fiat on top of the XRP Ledger. SOLO is also a deflationary currency, meaning each transaction burns tokens.

There are two types of tokens available within the Sologenic ecosystem:

• SOLO Tokens:A utility Token which is listed on global crypto exchanges
• Tokenized Assets:Securities backed by Fiat or Stocks which are only available to trade on CoinField due to requirement of securities brokerage license.

Overview of the Sologenic Ecosystem

Sologenic’s ecosystem is diverse, with three primary products and services. The company has already announced intentions to release more products in the near future, but for the purposes of this study, we’ll focus on the project’s decentralized exchange, wallet, and tokenization brokerage solution.

Sologenic DEX

Sologenic’s tokenized assets are freely available on the protocol’s native decentralized exchange. There, users can trade and hold SOLO, stocks, ETFs, and commodities. The DEX has an online platform but can also be accessed through the project’s Android and iOS blockchain wallets.

The decentralized exchange is based on the XRP ledger and is available in six languages. Despite the fact that the platform uses an order-book-styled DEX, users retain complete ownership of their assets thanks to self-custody, which means that the exchange accesses funds through an existing wallet that the user owns and controls entirely.

The decentralized exchange can execute trades, complete settlements, and exchange funds in a matter of seconds. But for traders, the fact that costs start at $0.000005 is even more intriguing. The DEX can handle up to 1500 trades per second, which is similar to what you’d see on a centralized exchange.

Moreover, traders are not limited to token swaps. They can make use of complex trading tools including market orders, limit orders, stop losses, and much more.

By connecting their wallets, crypto investors can gain access to the Sologenic DEX. So far, the DEX officially supports the following blockchain wallets:

• SOLO Wallet
• Ledger Device
• D’Cent
• XUMM App

SOLO Wallet

The SOLO wallet is Sologenic’s native blockchain wallet. It is used for storing cryptocurrencies and tokenized assets. Users can add, manage, and activate multiple wallets through the app and track live markets, transactions, and deposit or withdraw assets.

As previously stated, the SOLO Wallet houses both the wallet and the DEX. It’s available on both iOS and Android, with no noticeable variations between the two.

SOLONEX

SOLONEX is a tokenization brokerage solution designed exclusively for financial institutions and other institutional-level investors, including banks, investment firms, brokerage houses, and exchanges. 

SOLONEX can tokenize a variety of non-blockchain assets, conduct fractional trading, trade 24 hours a day, seven days a week, launch financing rounds, manage liquidity, and provide custodial services. Overall, it’s a trading platform that allows investors to access decentralized markets with the same technical capabilities, efficiency, and security as TradFi.

SOLONEX, like all of their other products and services, is based on the XRP Ledger. Remember that retail investors are not permitted to purchase the product in question, and that any interested parties must first schedule a demo with the team.

Sologenic development updates in 2023

In 2023, Sologenic has made notable advancements in its platform, focusing on integrating innovative technologies and expanding its ecosystem. Key developments include:

• Implementation of New Technologies and Systems: Sologenic has successfully completed several projects, including the Sologenic Client SDK Libraries, Sologenic XRPL-STREAM, Sologenic JSON-RPC, and the Assets Tokenization Testnet. These developments enhance the platform’s infrastructure and capabilities, particularly in asset tokenization and integration with the XRP Ledger (XRPL).

• Launch of SOLONEX and CBDC Tokenization Solutions: Sologenic introduced SOLONEX, a comprehensive asset tokenization brokerage solution, alongside a specialized CBDC Tokenization Solution. These solutions aim to bridge the gap between traditional and digital finance, offering seamless tokenization for institutions, banks, and government agencies. These initiatives leverage the efficiency and scalability of the XRP Ledger to facilitate 24/7 trading, on-demand asset tokenization, and fractional trading.

• Integration with Fireblocks for Institutional Custody: In a strategic move to enhance security and operational efficiency, Sologenic integrated with Fireblocks, a platform for creating and managing blockchain-based products. This integration is expected to boost institutional adoption of Sologenic’s tokenization technology.

• Development of the Sologenic DEX and Mobile App: The Sologenic DEX, along with its iOS and Android app versions, were launched, expanding the platform’s accessibility and user experience. The DEX provides a decentralized trading environment, while the mobile app versions of the Sologenic NFT Marketplace & Market Index bring these features to a wider audience.

• Innovative Features in the Ecosystem: Sologenic has planned several new features, including XLS-30 Integration for Automatic Market Maker (AMM) support on the XRPL, social features like comments and activity feed on NFT & IDO listings, a system status dashboard, CoinGecko integration for market index tracking, and promotion tools for tokens, NFTs, and airdrops.

These updates and initiatives position Sologenic as a forward-thinking platform in the blockchain and cryptocurrency landscape, with a focus on bridging traditional finance with the digital asset world. The integration of innovative technologies and strategic partnerships underscores Sologenic’s commitment to advancing its ecosystem and offering comprehensive solutions in asset tokenization and decentralized finance.

Official website: https://www.sologenic.com/

Best cryptocurrency wallet for Sologenic (SOLO)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Sologenic (SOLO)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).