Singapore-based synthetic intelligence-driven edtech agency Genius Group doubled its Bitcoin treasury to 200 BTC as a part of its long-term technique to construct a ten,000-BTC treasury reserve.
In line with a Tuesday announcement, Genius Group acquired 20 Bitcoin (BTC) on July 18. Bitcoin traded between $117,000 and $120,600 on the day, in accordance with Nansen information.
The announcement mentioned the 20 BTC was acquired at a mean worth of $106,812 per BTC — 9.5% to 12.9% decrease than market worth. With a complete buy worth of $2.14 million for BTC price $2.35 million on the time of writing, Genius has already made a complete revenue of $216,000, or roughly 9.8, in accordance with the announcement.
Genius Group didn’t instantly reply Cointelegraph’s request for a proof of how the discounted BTC buy was secured.
Genius Group plans to extend its Bitcoin holdings to 1,000 BTC by the top of 2025 and attain 10,000 BTC inside the subsequent two years. The corporate mentioned the passage of the Authorities Analysis of New Improvements within the US Act, often called the GENIUS Act, will assist speed up its blockchain-based training initiatives.
The corporate mentioned it additionally plans to use for a permitted cost stablecoin issuer (PPSI) license beneath new US guidelines and a separate license to behave as a non-bank digital asset service supplier (DASP).
The corporate’s newest BTC buy follows its late June announcement of a plan to distribute any potential proceeds from two lawsuits searching for mixed damages of greater than $1 billion. In mid-June, Genius Group elevated its Bitcoin treasury by greater than 50%, buying 34 BTC.
Tokenized benefit rewards and stablecoin ambitions
Genius Group mentioned the GENIUS Act will enable it to increase Genius Academy, its blockchain-powered studying platform. The academy awards college students with Genius Schooling Deserves (GEMs), every equal to at least one Satoshi (one millionth of a Bitcoin).
GEMs could be earned and redeemed like airline miles however are usually not exchangeable for fiat or crypto. If permitted for the PPSI license, Genius Group mentioned it plans to transform GEMs right into a stablecoin usable as digital foreign money inside its ecosystem.
Associated: GENIUS Act could make stablecoins ‘a part of US monetary infrastructure’
Educators, mentors and companions are at the moment paid utilizing conventional monetary infrastructure. With a PPSI license, the agency goals to permit direct stablecoin funds to digital wallets as an alternative.
Genius Group can also be creating onchain programs and certifications. If permitted as a DASP, the corporate says these credentials could be acknowledged as regulated digital property, giving educators blockchain-based mental property rights.
The corporate additionally plans to host in-person accelerators and retreats, the place contributors can use GEM or its future stablecoin to pay for meals, lodging, leisure and different providers.
Associated: GENIUS Act blocks Huge Tech, banks from dominating stablecoins: Circle exec
Genius Act to learn Ethereum
The GENIUS Act creates a nationwide licensing framework for stablecoin issuers, mandates one-to-one reserves, prohibits unbacked algorithmic stablecoins, and topics issuers to Anti-Cash Laundering guidelines. It additionally provides stablecoin holders senior creditor standing in case of issuer insolvency.
Andrew Keys, the CEO of just-announced yield-bearing Ether fund Ether Machine, mentioned that Ethereum is the most important beneficiary of the GENIUS Act. In a Monday interview on CNBC, he highlighted that Ethereum permits for the tokenization of property, together with stablecoins.
Andrew Keys speaking on CNBC. Supply: CNBC
“The most important beneficiary of the GENIUS Act is Ethereum, as a result of nearly all of stablecoins are deployed on prime of Ethereum,” he mentioned.
He added that Ethereum is displaying “energy regulation dynamics,” with round 90% of tokenized property and stablecoins constructed on its community, just like how most web searches happen by way of Google.
Journal: Bitcoin vs stablecoins showdown looms as GENIUS Act nears
