Unicoin Plans Public Listing and Cryptocurrency Launch, Poised to Navigate Regulatory Challenges
Summary:
Unicoin, a New York-based blockchain firm, plans to go public and launch its own cryptocurrency by year's end. CEO Alex Konanykhin revealed that Unicoins can be obtained by swapping real estate or other real-world assets, without cash transactions. Additionally, "Buy Now, Pay Later" deals give buyers five years to pay for the purchase. Konanykhin noted that conditions are favorable for crypto firms intending to list on major exchanges. Their recent ventures include filing an application to go public with the SEC, initiating a security token project, and majority ownership of a few companies including SheWorks!, ITSQuest, and Unicorns.
Unicoin, a blockchain company based in New York, has set its sights on going public and launching its proprietary cryptocurrency by the end of this year. Since its inception in 2015, Unicoin has been working on creating its token, buttressed by the backing of the firm's real-world assets like real estate and equities. Speaking to Cointelegraph, Unicoin's CEO, Alex Konanykhin, clarified that although the company's asset ownership fuels the project, they are not interconnected. Unicoins do not correspond to a stake in any tangible asset.
Konanykhin stated that the firm spends heavily on legal, auditing, and consultancy services to adhere strictly to all governing regulations. The company's audits are conducted by a fellow New York firm, Kreit & Chiu CPA, LLP. He mentioned that Unicoins can be attained without cash transactions through "swaps for real estate or other RWAs." Unicoins can also be procured via "Buy Now, Pay Later deals," giving the buyers a timeline of five years to fulfill the payment. As an asset-backed cryptocurrency, Unicoin presents a higher stability factor than the first wave of assetless cryptocurrencies like Bitcoin, according to Konanykhin.
Recent plans include the company's application to the U.S. Securities and Exchange Commission (SEC) to go public, and a large-scale marketing campaign to enhance Unicoin's brand visibility. Konanykhin informed the shareholders about the potential methods of listing: reverse merger, direct listing, or traditional IPO, with reverse merger being the preferred choice due to faster results. The CEO emphasized that the current market conditions are ripe for crypto firms intending to list on significant exchanges.
Unicoin’s SEC documents reveal that the firm initiated its security token project in early 2022 and owns a talent-as-a-service company and platform named SheWorks!, which was founded in 2017 by Silvina Moschini, the co-founder of Unicoin. Other holdings include significant stakes in a traditional employment agency, ITSQuest, and a media production company named Unicorns that produces the business and investment reality show, Unicorn Hunters. As of its latest quarterly report, Unicoin has $30 million in total assets and $98 million in total liabilities, of which $88 million forms the funding obligation towards Unicoin rights. The firm witnessed a 16.4% annual increase in revenue in Q1 2024, hitting $5.0 million.
Published At
6/27/2024 7:46:45 PM
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