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Solana Policy Institute Alongside Others Submitted A Proposal For ‘Project Open’ to U.S. SEC

By
Paul Ugbede Godwin
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0

Solana Policy Institute, alongside Superstate Inc., Orca Creative, and Lowenstein Sandler LLP, submitted a proposal to the U.S. Securities and Exchange Commission named “Project Open.” This initiative seeks to establish a pilot program for issuing and trading equity securities on public blockchain networks, specifically leveraging Solana’s high-performance blockchain. The proposal aims to innovate financial markets by enabling instant settlements, greater transparency, and lower costs through tokenizing securities, allowing programmable compliance and efficient settlement mechanisms.

The filing requests exemptive relief to operate under existing regulatory frameworks, proposing that issuers register token shares while blockchain networks avoid SEC registration. If approved, Project Open could mark a significant step toward SEC-sanctioned securities trading on decentralized platforms, with Solana as a key infrastructure.

Blockchain enables near-instantaneous transaction finality, reducing settlement times from days (e.g., T+2 in traditional markets) to seconds. This minimizes counterparty risk and frees up capital. By automating processes like clearing, settlement, and compliance through smart contracts, tokenization reduces intermediary fees, lowering transaction and operational costs for issuers and investors.

Blockchain’s immutable ledger ensures all transactions are publicly verifiable, enhancing trust and auditability while reducing fraud and errors. Tokens can embed regulatory rules (e.g., KYC/AML, trading restrictions) into smart contracts, ensuring automated compliance and reducing manual oversight costs.

Tokenized equities can be fractionalized, allowing smaller investors to own portions of high-value assets, democratizing access to markets.Blockchain operates 24/7 across borders, enabling seamless trading and investment worldwide without traditional market hour limitations.

Tokens on Solana can integrate with DeFi protocols, enabling new financial products like automated lending or yield farming with equities as collateral. These benefits align with Project Open’s goal to modernize securities markets, leveraging Solana’s high throughput (65,000+ transactions per second) and low fees (sub-$0.01 per transaction) to scale efficiently. However, regulatory approval and adoption hurdles remain critical challenges.

Fractional ownership on tokenized equities on a blockchain like Solana refers to dividing ownership of an asset, such as a share of stock, into smaller, more affordable portions represented as digital tokens. This enables multiple investors to hold a fraction of the asset, rather than requiring purchase of a whole unit. An equity (e.g., a share of a company) is converted into digital tokens on a blockchain. Each token represents a fraction of the underlying asset.

A single share, which might traditionally cost $100, can be split into, say, 100 tokens, each worth $1, making it accessible to smaller investors. The blockchain’s transparent ledger records who owns each token, ensuring clear, verifiable ownership without intermediaries. These tokens can be bought, sold, or traded on blockchain-based platforms, often with instant settlement and low fees.

Lowers the financial barrier, allowing retail investors to participate in high-value assets (e.g., owning 0.01 of a share in a $1,000 stock). Fractional tokens can be traded easily on decentralized exchanges, increasing market participation and liquidity. Investors can spread capital across multiple assets by buying fractions of various equities, reducing portfolio risk.

It enables investors from diverse economic backgrounds or regions to access markets traditionally limited to high-net-worth individuals. Tokens can embed rights like dividends or voting, distributed proportionally to fractional owners via smart contracts. In the Solana Policy Institute’s proposal to the SEC, fractional ownership is a key feature of tokenized equities. By leveraging Solana’s scalable blockchain, issuers can offer fractionalized shares with automated compliance (e.g., KYC/AML checks) and low-cost trading, democratizing access to securities markets.

For example, an investor could buy a $5 token representing a fraction of a company’s stock, receiving proportional dividends and benefits, all settled instantly on-chain. Fractionalized securities must adhere to securities laws, requiring clear SEC guidance, as sought in Project Open.

Traditional investors may hesitate to embrace tokenized assets due to unfamiliarity or trust concerns. Blockchain security and smart contract vulnerabilities must be addressed to protect fractional owners. Fractional ownership, enabled by tokenization, aligns with the goal of modernizing financial markets by making them more inclusive, efficient, and transparent, as envisioned in the Project Open proposal.

Bloomberg ETFs Analysts Updated Their Approval Odds on Several ETFs

By
Paul Ugbede Godwin
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0

Bloomberg ETF analysts Eric Balchunas and James Seyffart have recently updated their approval odds for various spot crypto ETFs, focusing on altcoins like XRP, Solana, Litecoin, and Dogecoin. As of April 30, 2025, their latest estimates.

XRP ETF: 85% chance of approval in 2025, up from 65% in February, driven by multiple filings from asset managers like Grayscale, Bitwise, and WisdomTree, though the SEC has not yet acknowledged 19b-4 filings.

Solana ETF: 90% approval odds, increased from 70%, supported by institutional interest and filings from firms like VanEck and 21Shares, with a potential timeline extending to 2026 due to SEC review processes.

Litecoin ETF: 90% approval odds, the highest among altcoins, bolstered by the CFTC’s classification of Litecoin as a commodity and SEC acknowledgment of 19b-4 filings.

Dogecoin ETF: 80% approval odds, up from 75%, despite the SEC not yet acknowledging 19b-4 filings, with the asset viewed as a commodity. Other ETFs (e.g., Hedera, Avalanche, Polkadot): Approval odds range from 75% to 80%, with decisions expected between Q3 and Q4 2025.

These estimates reflect a more favorable regulatory outlook, influenced by legal developments, bipartisan crypto support, and market momentum. However, the SEC’s final decisions hinge on factors like market manipulation concerns and the resolution of security vs. commodity classifications, expected by late 2025.

Bloomberg analysts previously raised Bitcoin ETF approval odds to 95% by January 2024 (achieved) and Ethereum ETF odds to 75% in May 2024, reflecting their track record of adjusting predictions based on regulatory shifts. Always cross-check with primary sources like SEC filings or platforms like Polymarket for market sentiment, as analyst predictions aren’t definitive.

Approval of these ETFs, particularly for altcoins like XRP (85% odds), Solana (90%), Litecoin (90%), and Dogecoin (80%), could drive substantial price increases due to increased institutional investment and retail FOMO. For example, Bitcoin surged 60% post-ETF approval in 2024, and Ethereum gained 30% after its ETF launch.

ETFs signal regulatory acceptance, potentially reducing volatility and attracting conservative investors, further integrating crypto into traditional finance. ETFs would enhance liquidity for these altcoins, narrowing bid-ask spreads and improving market efficiency, especially for smaller-cap assets like Dogecoin.

ETFs allow retail and institutional investors to gain exposure to altcoins without managing wallets or navigating exchanges, lowering barriers to entry. Investors can diversify beyond Bitcoin and Ethereum, potentially hedging against sector-specific risks while tapping into altcoin growth.

ETFs typically have lower fees than direct crypto purchases on exchanges, though expense ratios (e.g., 0.25%–0.65% for Bitcoin ETFs) should be monitored. Approvals would reinforce the CFTC’s commodity classification for these assets, reducing SEC scrutiny over security status and setting precedents for other altcoins (e.g., Hedera, Avalanche).

Asset managers like Grayscale, BlackRock, and VanEck filing for these ETFs signal confidence, likely spurring more institutional products (e.g., futures, staking ETFs). Increased capital inflows could fund blockchain development, particularly for Solana’s DeFi ecosystem or XRP’s cross-border payment solutions.

Despite high odds, SEC concerns over market manipulation or investor protection could delay approvals, especially for Dogecoin, where 19b-4 filings are unacknowledged. Speculative rallies post-approval may lead to corrections, as seen with Ethereum’s 15% dip weeks after its ETF launch in 2024. Heavy ETF inflows could centralize ownership, potentially impacting decentralized networks’ governance.

Approvals could trigger an “altcoin season,” where smaller cryptocurrencies outperform Bitcoin, shifting market dynamics. Projects without ETF prospects may struggle to attract capital, widening the gap between top altcoins and smaller tokens. U.S. ETF approvals could pressure other jurisdictions (e.g., EU, Asia) to fast-track similar products, accelerating global crypto adoption.

Investors should monitor SEC announcements, 19b-4 filing statuses, and Polymarket odds for real-time sentiment. Diversifying across ETF-eligible altcoins may mitigate risk, but beware of post-approval volatility. Long-term, approvals could solidify crypto’s role in portfolios, but short-term regulatory hiccups remain a wildcard. Always verify updates via primary sources like SEC.gov or asset managers’ filings.

Circle Rejected Ripple’s Acquisition Offer Amid Growing Interest on Circle’s IPO

By
Paul Ugbede Godwin
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0

Ripple, the blockchain payments firm behind XRP and the RLUSD stablecoin, reportedly offered $4 billion to $5 billion to acquire Circle, the issuer of the USDC stablecoin, according to a Bloomberg report on April 30, 2025. Circle rejected the bid, deeming it too low, as it focuses on its upcoming initial public offering (IPO) filed in April 2025, aiming to list on the NYSE under the ticker “CRCL” with a valuation estimated between $4 billion and $6 billion.

Sources suggest Ripple’s offer may have included illiquid equity rather than full cash, which Circle, backed by strong investors like BlackRock and Fidelity, found unappealing given its IPO plans and USDC’s $61.7 billion market cap compared to RLUSD’s $316.9 million. Ripple remains interested but hasn’t decided on a new bid, while Circle prioritizes independence and regulatory compliance. The rejection highlights strategic differences, with Ripple aiming to fast-track its stablecoin market presence and Circle betting on its IPO and established USDC network.

The rejection of Ripple’s $4B-$5B bid to acquire Circle carries significant implications for both companies, the stablecoin market, and the broader crypto ecosystem. Acquiring Circle would have given Ripple control of USDC, the second-largest stablecoin with a $61.7B market cap, significantly boosting its market share against Tether’s USDT ($216.7B). This could have accelerated Ripple’s RLUSD ($316.9M market cap) adoption by leveraging Circle’s established infrastructure and partnerships.

Ripple now faces a tougher path to grow RLUSD organically, competing with USDC’s entrenched network of 800+ partners, including Visa and MoneyGram, and its regulatory clarity in the U.S. Ripple’s continued interest suggests it may return with a higher offer or explore other acquisitions, but its reliance on illiquid equity could limit appeal to premium targets like Circle.

Circle’s IPO and Independence

Circle’s rejection signals confidence in its $4B-$6B IPO valuation and its ability to thrive independently. A successful NYSE listing could attract institutional investors, further solidifying USDC’s dominance. Circle’s focus on compliance and its U.S.-based operations position it favorably in a tightening regulatory environment, especially compared to Ripple, which has faced SEC scrutiny over XRP. If the IPO underperforms or market conditions sour, rejecting Ripple’s bid could be seen as a misstep, especially if Circle’s valuation fails to meet expectations.

The bid reflects growing consolidation interest in the stablecoin sector as firms seek scale to compete with USDT. Circle’s rejection may deter similar deals in the short term, encouraging standalone growth. Ripple’s aggressive expansion contrasts with Circle’s conservative, compliance-driven approach, highlighting divergent strategies in a market where trust and regulatory alignment are critical. Without a deal, USDC and RLUSD will continue competing, potentially fragmenting liquidity and adoption, which could benefit USDT or emerging stablecoins.

Circle’s IPO success could boost confidence in crypto markets, signaling maturity and institutional acceptance. Conversely, failure could dampen enthusiasm for crypto IPOs. A Ripple-Circle merger would have drawn intense regulatory attention, especially given Ripple’s SEC history. Circle’s independence avoids this but keeps it under the spotlight as a major U.S. crypto player.

Ripple’s acquisition aim was tied to enhancing its cross-border payment solutions. Its failure to acquire Circle may push it to innovate internally or seek other partners, impacting its rivalry with traditional systems like SWIFT. Posts on X indicate mixed views: some see Circle’s rejection as a bold move to maintain control and capitalize on its IPO, while others argue it missed a chance to align with Ripple’s blockchain expertise.

Critics of Ripple highlight its weaker negotiating position due to legal baggage, while Circle’s strong backing from BlackRock and Fidelity is viewed as a stabilizing factor. Circle’s rejection prioritizes its IPO and independence, betting on USDC’s market strength and regulatory positioning, while Ripple must now recalibrate its stablecoin ambitions. The outcome reinforces competitive tensions in the stablecoin space and could shape investor and regulatory perspectives as Circle’s IPO looms.

Visa And Mastercard Roll-Out AI-powered Shopping Tool, Unveils A New Era of Commerce

By
Ojukwu Emmanuel
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2

Payments giant Visa and Mastercard have unveiled AI-powered shopping, to make shopping experiences for users  more personal, more secure and more convenient.

Visa is bringing the power of its network and decades-long expertise to bring trust and security to AI-driven commerce. Introduced on Wednesday, Visa is rolling out “Visa Intelligent Commerce” which enables AI to find and buy. It is a groundbreaking new initiative that opens Visa’s payment network to the developers and engineers building the foundational AI agents transforming commerce.

In a statement, Visa chief product and strategy officer Jack Forestell said,

“Soon people will have AI agents browse, select, purchase and manage on their behalf. These agents will need to be trusted with payments, not only by users, but by banks and sellers as well. Just like the shift from physical shopping to online, and from online to mobile, Visa is setting a new standard for a new era of commerce. Now, with Visa Intelligent Commerce, AI agents can find, shop and buy for consumers based on their pre-selected preferences. Each consumer sets the limits, and Visa helps manage the rest.”

Visa Intelligent Commerce offers:

• AI-Ready Cards: Replaces card details with tokenized digital credentials, enhancing security for consumers and simplifying payment processes for developers. They confirm that a consumer’s chosen agent is allowed to act on a consumer’s behalf and bring identity verification to AI commerce. Only the consumer can instruct the agent on what to do and when to activate a payment credential.

• AI-Powered Personalization: The consumer is in control. Consumers share basic Visa spend and purchase insights with their consent to improve agent performance and personalize shopping recommendations.

• Simple and Secure AI Payments: Allows consumers to easily set spending limits and conditions, providing clear guidelines for agent transactions. Commerce signals are shared in real-time with Visa, enabling Visa to effect transaction controls and help to manage disputes.

Visa says that it is collaborating with a mix of tech giants and startups to develop AI-powered shopping experiences that are “more personal, more secure, and more convenient.” Those companies include Anthropic, IBM, Microsoft, Mistral AI, OpenAI, Perplexity, Samsung, and Stripe, among others.

The move follows Mastercard launch of its Agentic Payments Program, Mastercard Agent Pay. The groundbreaking solution integrates with agentic AI to revolutionize commerce. It would give AI agents the ability to shop online for consumers. Mastercard said its new Agent Pay offering “will enhance generative AI conversations for people and businesses alike” by integrating payments into tailored recommendations and insights already provided on conversational platforms.

In a statement, Jorn Lambert, chief product officer at Mastercard said,

“Mastercard is transforming the way the world pays for the better by anticipating consumer needs on the horizon. The launch of Mastercard Agent Pay marks our initial steps in redefining commerce in the AI era, including new merchant interfaces to distinguish trusted agents from bad actors using agentic technology. Recognizing the seismic implications of this evolution, we are keen to collaborate with industry players to advance the standards for agentic payments, such as applying the Model Context Protocol to Secure Remote Commerce. This lays the foundation for scale and builds trust in agentic commerce.”

Mastercard said it will work with Microsoft on new use cases to scale “agentic commerce,” as well as with IBM, Braintree, and Checkout.com on other aspects of AI-powered shopping.

Visa and Mastercard aren’t the only ones allowing for AI-powered shopping. On Tuesday, PayPal announced its own agentic commerce offering.

Also, earlier this month, Amazon announced the start of testing a new AI shopping agent, a feature it calls “Buy for Me,” with a subset of users. OpenAI, Google, and Perplexity have also showcased similar agents that can visit websites and help users make purchases.

Looking Ahead

The rise of AI-powered personal shopping services signifies a move towards more personalized, efficient, and customer-centric retail experiences. As these technologies continue to evolve, they promise to reshape the shopping landscape in ways we can only begin to imagine.

C-One Ventures Acquires Nigerian Fintech Firm Bankly to Bolster Fintech Expansion in Nigeria

By
Ojukwu Emmanuel
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0

C-One Ventures, an investment firm focused on technology and fintech primarily in Nigeria, has reportedly acquired Bankly, a Nigerian fintech and licensed microfinance bank, to expand its fintech portfolio.

The acquisition includes Bankly’s licenses, platform, and team, which will be integrated into C-One’s ecosystem to scale technology-driven financial services.

According to a statement from Bankly CEO Tomilola Majekodunmi, noted that a restructuring process is already underway to ensure seamless integration, and Bankly will support the transition in an advisory role.

Speaking on the acquisition, she said:

“I am immensely proud of what we have achieved at Bankly over the last six years.   Bankly was founded with a mission to drive financial inclusion to the last mile, and we have certainly made significant progress on that front. Like any business, we’ve faced our share of challenges, but I’m confident that this acquisition will keep the Bankly vision alive and further advance our mission of empowering more Nigerians through inclusive financial solutions.”

Bankly is a lifestyle bank that redefines the way people manage their money. Founded in 2019 by Tomilola Majekodunmi and Fredrick Adams, Bankly first started operations as a tech-driven solution to combat fraud and financial losses in informal savings groups.

The fintech quickly evolved into a beacon of transparency and accessibility for small business owners across Nigeria. Through digitization, it revolutionized the savings process, empowering individuals to securely save and access their money with ease.

Bankly expanded its services in 2020 to include agency banking and has since facilitated financial access for over 12 million individuals through its network of over 50,000 agents nationwide. But the journey didn’t end there. In 2021, Bankly announced that it had closed a $2 million seed round. The funding round was led by Vault. Other investors who took part in the round included Plug and Play Ventures, Rising Tide Africa, and Chrysalis Capital.

Bankly has been significantly helping the Nigerian unbanked population, by digitizing the entire money collection process and allowing users to save their money using online and offline methods. The business has a distribution and agents network that makes it easy for customers to deposit and withdraw cash with its agent, anytime.

Recognizing the ongoing financial needs of everyday people, Bankly metamorphosed into a Microfinance Bank in 2023. This lifestyle bank pioneered innovative features like Group Savings (Ajo), enhancing transparency and convenience in collective contributions, and made bill payments less expensive by offering exclusive discounts. Through the implementation of digital currency, personal identity, and comprehensive financial services, the bank has paved the way for unbanked Nigerians to partake in the formal economy, providing them with a secure and reliable platform to nurture their financial aspirations.

Bankly has been on a mission to make banking effortless for everyone, guiding customers toward financial success and giving them more bang for their buck. It also moved to transform the way local businesses access financial services, by providing the tools and support necessary to attain entrepreneurial freedom.

C-One Ventures, which describes itself as an investor focused on technology-enabled finance in Nigeria, said the integration of Bankly will support its broader strategy of offering connected financial products to individuals and businesses.

The acquisition of Bankly, a Nigerian fintech has several implications for both companies, their customers, and the broader financial ecosystem in Nigeria. By acquiring Bankly, C-One adds a microfinance bank with a strong focus on financial inclusion to its portfolio, which already includes platforms like Fulcrum (supply chain financing), GetPayed (payments and banking app), and Money (digital banking). This strengthens C-One’s ability to offer comprehensive, technology-driven financial services.

Also, Bankly’s extensive network of over 50,000 agents and a customer base of more than 2 million individuals and businesses across Nigeria gives C-One deeper penetration into the informal economy, particularly in low-income and rural communities. This aligns with C-One’s goal of scaling grassroots financial services.

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