A group of geniuses of Singapore-based artificial intelligence-driven edtech companies has doubled the Bitcoin Treasury to 200 BTC as part of its long-term strategy to build a 10,000 BTC Treasury Reserve.
According to a announcement on Tuesday, the Genius Group acquired 20 Bitcoin (BTC) on July 18th. Bitcoin was traded between $117,000 and $120,600 that day.
According to the announcement, 20 BTC was acquired at an average price of $106,812 per BTC. It says this is 9.5% to 12.9% lower than the market price. According to the announcement, Genius has already won around $9.8, as the total purchase price of BTC worth $2.35 million, worth $2.35 million, at the time of writing, is $2.35 million.
The Genius Group did not immediately respond to a request for an explanation of how Cointelegraph’s discounted BTC purchases were secured.
The Genius Group plans to increase its Bitcoin Holding to 1,000 BTC by the end of 2025, reaching 10,000 BTC within the next two years. The company said passing of a government assessment of new innovations in the US law known as the Genius Act will help accelerate blockchain-based education initiatives.
The company also said it plans to apply for a payment stable issuer (PPSI) license permitted under the new US regulations and another license to act as a non-bank digital asset service provider (DASP).
The company’s latest BTC purchase follows the announcement of plans to distribute potential revenues from two lawsuits seeking more than $1 billion in damages in late June. In mid-June, the Genius Group increased the Bitcoin Treasury Ministry by more than 50%, earning 34 BTC.
Tokenized Merit Rewards and Stubcoin Ambition
The Genius Group said the Genius Act will enable it to expand its blockchain-driven learning platform, Genius Academy. The Academy awards each one genius education merits (jewels) equivalent to one Satoshi (one millionth of Bitcoin).
Jewels can be earned and redeemed like airline miles, but cannot be exchanged for Fiat or Crypto. If approved for a PPSI license, Genius Group said it plans to convert gems into Stablecoin, which can be used as digital currency within the ecosystem.
Related: The Genius Act can create our financial infrastructure for Stablecoins.”
Educators, mentors and partners are now paid using traditional financial infrastructure. Using a PPSI license, the company aims to allow Stablecoin payments directly to digital wallets instead.
Genius Group also develops on-chain courses and certifications. If approved as a DASP, the company says that these credentials will be recognized as regulated digital assets and will provide intellectual property rights based on educators.
The company will also host in-person accelerators and retreats where participants can use GEM or its future Stablecoin to pay for meals, accommodation, entertainment and other services.
Related: The Genius Act blocks Big Tech, Banks from controlling Stablecoins: Circle Exec
Genius acts to benefit Ethereum
The Genius Act creates a national licensing framework for Stablecoin publishers, mandating one-to-one reserves, prohibiting non-back algorithmic Stablecoins, and prohibiting subjects from publishing anti-money laundering rules. It also provides the status of a senior creditor to Stablecoin Holders in the case of an issuer’s bankruptcy.
Andrew Kies, CEO of the ether fund ether machine, which includes just announced yields, said Ethereum is the biggest beneficiary of the genius law. In an interview Monday about CNBC, he highlighted that Ethereum allows for tokenization of assets, including Stablecoins.
Andrewkies talking on CNBC. sauce: CNBC
“The biggest beneficiary of the Genius Act is Ethereum, because the majority of the stubcoins are deployed on top of Ethereum,” he said.
He added that Ethereum is displaying “Power Law Dynamics.” This is how most internet searches occur through Google, with around 90% of tokenized assets and Stablecoins built on the network.
magazine: As the Genius Act approaches, the Bitcoin vs Stablecoins showdown approaches
