The publicly-audited firm aims to launch a namesake crypto backed by its portfolio of real-estate assets and equity stakes.
New York-based blockchain tech Unicoin now aims for a public stock listing and the launch of its namesake crypto by the end of 2024.
Having been in the sector since 2015, Unicoin is developing its token whose value is intended to be supported by its real estate and equity portfolio. In a recent interview, Alex Konanykhin, CEO of Unicoin, mentioned that while the company’s real-world asset (RWA) holdings are helping to launch the project into fruition, they are not connected:
“Unicoins do not represent a stake in any asset. Our portfolio, including its real estate portion, is just the funding needed to assure our ability to turn Unicoin into a leading cryptocurrency brand and popularize its advantages.”
Regulatory Complexities
Considering the regulatory complexities of cryptos and tokenized assets, reporters asked how Unicoin plans to navigate all these challenges across multiple jurisdictions.
Konanykhin responded by explaining that Unicoin Inc. is a publicly reporting firm in the United States with five years of audited financials accessible on the official U.S. Securities and Exchange Commission (SEC) website. He added:
“We spend millions of dollars on auditors, lawyers, and consultants to ensure compliance with all applicable regulations.”
The firm is audited by accounting company Kreit & Chiu CPA, LLP, also based in New York. Konanykhin said that currently, Unicoins can be acquired via “swaps for real estate or other kinds of RWAs, without using any cash.” Unicoins can also be bought through “Buy Now, Pay Later deals,” which offer investors five years to pay for the purchase. The executive added:
“We believe that, as an asset-backed cryptocurrency, Unicoin is likely to be more stable than the assetless cryptocurrencies of the First Wave, such as Bitcoin.”
Unicoin Filed To Go Public
In February, the company filed an application to go public with the SEC and, they did a large-scale advertising campaign preparing for going public to increase the brand visibility and value of Unicoin and popularize its benefits.
In a recent letter to shareholders, Konanykhin highlighted that the listing might happen in three ways: direct listing, reverse merger, and traditional initial public offering (IPO). Konanykhin said the market situation has become highly favorable for crypto firms listed on the major exchanges.
“A reverse merger: That’s the fastest way to go public and we are reviewing some NYSE and NASDAQ listed companies identified as suitable for such a merger.”
Based on its U.S. Securities and Exchange Commission (SEC) filings, Unicoin the security token project in early 2022, and as a holdings firm, the company fully owns one Talent-as-a-Service (TaaS) operating firm and platform, SheWorks! Argentinian businesswoman Silvina Moschini, the co-founder of Unicoin, introduced SheWorks! in 2017.
Company staff wrote:
“Unicoin is also the majority owner of a traditional staffing agency, ITSQuest, with a regional presence in the U.S. Southwest. Finally, as a holding company, Unicoin also became the majority owner in 2021 of Unicorns, a media production company producing Unicorn Hunters, a business and investing reality show.”
In the latest quarterly report, the firm disclosed total assets of $30 million and cumulative liabilities of $98 million, of which $88 million comprises Unicoin rights financing obligations. In Q1 2024, its revenue surged by 16.4% year-over-year to $5.0 million.
