Genius Group cites GENIUS Act as it doubles Bitcoin stash to 200 BTC

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Singapore-based artificial intelligence-driven edtech steadfast Genius Group doubled its Bitcoin treasury to 200 BTC arsenic portion of its semipermanent strategy to physique a 10,000-BTC treasury reserve.

According to a Tuesday announcement, Genius Group acquired 20 Bitcoin (BTC) connected July 18. Bitcoin traded betwixt $117,000 and $120,600 connected the day, according to Nansen data.

The announcement said the 20 BTC was acquired astatine an mean terms of $106,812 per BTC — 9.5% to 12.9% little than marketplace price. With a full acquisition terms of $2.14 cardinal for BTC worthy $2.35 cardinal astatine the clip of writing, Genius has already made a full nett of $216,000, oregon astir 9.8, according to the announcement.

Genius Group did not instantly reply Cointelegraph’s petition for an mentation of however the discounted BTC acquisition was secured.

Genius Group plans to summation its Bitcoin holdings to 1,000 BTC by the extremity of 2025 and scope 10,000 BTC wrong the adjacent 2 years. The institution said the transition of the Government Evaluation of New Innovations successful the US Act, known arsenic the GENIUS Act, volition assistance accelerate its blockchain-based acquisition initiatives.

The institution said it besides plans to use for a permitted outgo stablecoin issuer (PPSI) licence nether caller US rules and a abstracted licence to enactment arsenic a non-bank integer plus work supplier (DASP).

The company’s latest BTC acquisition follows its precocious June announcement of a program to administer immoderate imaginable proceeds from 2 lawsuits seeking combined damages of much than $1 billion. In mid-June, Genius Group accrued its Bitcoin treasury by much than 50%, acquiring 34 BTC.

Tokenized merit rewards and stablecoin ambitions

Genius Group said the GENIUS Act volition let it to grow Genius Academy, its blockchain-powered learning platform. The academy awards students with Genius Education Merits (GEMs), each equivalent to 1 Satoshi (one millionth of a Bitcoin).

GEMs tin beryllium earned and redeemed similar hose miles but are not exchangeable for fiat oregon crypto. If approved for the PPSI license, Genius Group said it plans to person GEMs into a stablecoin usable arsenic integer currency wrong its ecosystem.

Educators, mentors and partners are presently paid utilizing accepted fiscal infrastructure. With a PPSI license, the steadfast aims to let nonstop stablecoin payments to integer wallets instead.

Genius Group is besides processing onchain courses and certifications. If approved arsenic a DASP, the institution says these credentials would beryllium recognized arsenic regulated integer assets, giving educators blockchain-based intelligence spot rights.

The institution besides plans to big in-person accelerators and retreats, wherever participants tin usage GEM oregon its aboriginal stablecoin to wage for food, lodging, amusement and different services.

Genius Act to payment Ethereum

The GENIUS Act creates a nationalist licensing model for stablecoin issuers, mandates one-to-one reserves, prohibits unbacked algorithmic stablecoins, and subjects issuers to Anti-Money Laundering rules. It besides gives stablecoin holders elder creditor presumption successful lawsuit of issuer insolvency.

Andrew Keys, the CEO of just-announced yield-bearing Ether money Ether Machine, said that Ethereum is the largest beneficiary of the GENIUS Act. In a Monday interrogation connected CNBC, helium highlighted that Ethereum allows for the tokenization of assets, including stablecoins.

“The largest beneficiary of the GENIUS Act is Ethereum, due to the fact that the bulk of stablecoins are deployed connected apical of Ethereum,” helium said.

He added that Ethereum is displaying “power law dynamics,” with astir 90% of tokenized assets and stablecoins built connected its network, akin to however astir net searches hap via Google.

Magazine: Bitcoin vs stablecoins showdown looms arsenic GENIUS Act nears

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