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 specializing in blockchain technology and digital assets.
News of the partnership caused the platform’s native asset, SOLO, to skyrocket from a price of $0.29 on November 21 to a price of $0.83. It has since stabilized and is trading at $0.77 at the time of writing, up over 110% over the last 24 hours.
Sologenic and Texture Capital will do this together roll out SoloTex, a trading platform approved by FINRA (The Financial Industry Regulatory Authority) that allows leading investors to tokenize securities. However, no specific date was given for the launch.
“Solotex is currently in development. Once approved and launched by the regulator, the platform aims to transform global markets by providing access to tokenized assets…
Together, both teams leverage a collective expertise in blockchain development, regulatory compliance and financial markets infrastructure to build a comprehensive platform that aims to facilitate access to tokenized financial assets.”
Sologenic launched in 2019 as a decentralized exchange platform (DEX) built on the XRP Ledger, allowing investors to tokenize and trade stocks. It went on to include crypto assets and non-fungible tokens (NFTs).
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Generated image: Midjourney