An asset tokenization altcoin is surging after announcing a new partnership with a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC).
Earlier this week, asset tokenization platform Sologenic (SOLO) announced a partnership with Texture Capital, a US-based broker-dealer that specializes in blockchain technology and digital assets.
News of the collaboration served as a catalyst for the platform’s native asset, SOLO, to skyrocket from a price of $0.29 on November 21st to a price of $0.83. It has since stabilized and is trading for $0.77 at time of writing, an increase of over 110% during the last 24 hours.
Together, Sologenic and Texture Capital will roll out SoloTex, a trading platform approved by FINRA (The Financial Industry Regulatory Authority) that lets blue-chip investors tokenize securities. However, no specific date was provided for its launch.
“Solotex is currently under development. Upon regulatory approval and launch, the platform aims to transform global markets by offering access to tokenized assets…
Together, both teams are leveraging a collective expertise in blockchain development, regulatory compliance, and financial markets infrastructure to build a comprehensive platform that will aim to facilitate access to tokenized financial assets.”
Sologenic launched in 2019 as a decentralized exchange (DEX) platform built on the XRP Ledger that allowed investors to tokenize and trade stocks. It went on to incorporate crypto assets and non-fungible tokens (NFTs).
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