Unicoin Targets Public Listing and Cryptocurrency Launch Backed by Real-World Assets
Summary:
Unicoin, a New York-based blockchain technology firm, is planning to go public and launch its self-named cryptocurrency this year. The value of their cryptocurrency will be anchored by the firm’s real-world asset and equity portfolio. While the company confirmed the financial backing from their portfolio, it stated that the Unicoins will not be representing a stake in any of the assets. Currently, Unicoins can be obtained through real estate or other real-world asset swaps. The company believes that this structure will provide more stability than asset-less cryptocurrencies like Bitcoin. Earlier this year, Unicoin filed an application with the SEC to go public.
Blockchain technology firm Unicoin, based in New York, is setting its sights on offering public stocks and launching its characteristic digital currency by the year's end. With roots in the sector dating back to 2015, Unicoin is busy cultivating its exclusive token, which is projected to be backed by the firm's-real world property and equity collection. In a discussion with Cointelegraph, Unicoin's CEO Alex Konanykhin clarified that while holding real-world assets (RWAs) are facilitating the project's actualization, they are not linked: "Unicoins do not translate to holding a stake in any asset. Our portfolio, inclusive of the real estate portion is merely the financial backing needed to ascertain our ability to step up Unicoin as a leading crypto brand and bring to light its benefits."
Given the intricate regulatory landscape pertaining to cryptocurrencies and tokenized assets, how does Unicoin maneuver these obstacles across varied jurisdictions? According to Konanykhin, as a publicly accounting enterprise in America with five years of scrutinized financials available on the U.S. SEC's website, the company invests heavily in auditors, lawyers, and consultants to ensure regulatory adherence. The firm undergoes audits by the accountancy company Kreit & Chiu CPA, LLP, also based in New York.
Konanykhin further explained that as of now, Unicoins can be procured through "Real estate or other RWA swaps, minus any cash involvement." Unicoins can also be purchased via "Buy Now, Pay Later agreements," allowing investors a span of five years to settle payment for the purchase. As an asset-backed digital currency, Unicoin is expected to be steadier than first generation asset-less cryptocurrencies like Bitcoin, said the blockchain leader.
In February, the company tendered an application for a public listing with the SEC. Konanykhin mentioned the firm is conducting a grand advertising campaign in anticipation of going public to amplify the branding prominence and value of Unicoin as well as to shed light on its advantages.
In a recent shareholder letter, Konanykhin highlighted three potential ways for the listing: a reverse merger, a direct listing, or a typical IPO. The market dynamics have undoubtedly turned favorably for crypto enterprises listed on major exchanges, he said. He showed a particular inclination towards a reverse merger, citing it as the speediest route to go public, with the company already eyeing some NYSE and NASDAQ listed firms apt for such a merger.
According to recent SEC filings, Unicoin embarked on the security token project in early 2022. As a holding company, the firm completely owns Talent-as-a-Service (TaaS) operational company and platform, SheWorks!, which was established by Unicoin co-founder, Argentinian businesswoman Silvina Moschini, in 2017.
Additionally, Unicoin is also the principal owner of a traditional staffing agency, ITSQuest, with a regional presence in the U.S. Southwest. In 2021, Unicoin took controlling ownership of Unicorns, a media production company that creates Unicorn Hunters, a business-investing reality TV show.
In its most recent quarterly report, the firm revealed total assets of $30 million and total liabilities of $98 million, which include $88 million in Unicoin rights financing obligations. The firm showed a revenue increase of 16.4% year over year to $5.0 million in Q1 2024.
Published At
6/27/2024 12:01:42 PM
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