Genius Group closes $8M offering to buy stake in Bermuda digital bank

Genius Group has successfully closed an $8 million registered direct offering, with a significant portion of the funds earmarked for its expansion into regulated stablecoin and digital asset banking infrastructure. The company sold ordinary shares and pre-funded warrants at $0.37 each, with D. Boral Capital serving as the exclusive placement agent. Approximately $5.5 million of the proceeds will be used to acquire a senior secured convertible promissory note, which will immediately convert into a 9.9% ownership stake in Jewel Financial Limited. Jewel Financial is the sole shareholder of Jewel Bancorp Limited, described as Bermuda's only dual-licensed digital bank, holding both a full banking license and a Class F digital asset business license from the Bermuda Monetary Authority. Jewel Bancorp is actively developing a US dollar stablecoin, JUSD, and digital asset banking services. This investment aligns with Genius Group's strategic goals under the GENIUS Act, aiming to become a Permitted Payment Stablecoin Issuer and Digital Asset Service Provider. The company also plans to issue additional shares to the sellers as consideration for the acquisition, with the remaining proceeds allocated to working capital and general corporate purposes. The move by Genius Group reflects a broader industry trend of companies seeking licensed banking and payments infrastructure amidst increasing stablecoin regulation. Jewel Bank is anticipated to launch later this year, and Genius Group intends to integrate these new capabilities into its education platform, including its planned GEMs token system and Genius Wallet.

(Source：Crypto Briefing)