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LONDON - Pri0r1ty Intelligence Group PLC (AIM:PR1) has formally implemented a Bitcoin Treasury Management Policy following its May 29 announcement, according to a press release issued Friday.
The AI services company has integrated cryptocurrency payment options into its online onboarding process, allowing customers to transact using Bitcoin and other stablecoins through a partnership with Coinbase (NASDAQ:COIN) Commerce.
Under the new policy, Bitcoin is currently the only approved investment instrument besides cash that the company may hold. Any payments received in other cryptocurrencies must be exchanged into Bitcoin or cash within three days.
The policy stipulates that Pri0r1ty will not invest more than 50% of its surplus cash in Bitcoin. If the company’s Bitcoin holdings exceed £1,000,000, an independent treasury agent will be appointed to manage these assets.
Pri0r1ty, which provides AI-driven professional growth services for small and medium enterprises, reports that several customers have already opted to pay with Bitcoin using the new functionality.
The company has established governance arrangements including organizational structure, processes, and internal control mechanisms to manage risks associated with cryptocurrency holdings.
James Sheehan, Chief Executive Officer of Pri0r1ty Intelligence Group, stated that the policy was established in response to increasing client interest in Bitcoin transaction functionality and to govern the management of risks and opportunities around this asset class.
The information in this article is based on a press release statement from Pri0r1ty Intelligence Group PLC.
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