New York-based blockchain tech company Unicoin is aiming for a public stock listing and the launch of its own namesake cryptocurrency by the end of this year.
Having been in the industry since 2015, Unicoin is developing its own token whose value is intended to be supported by the company's real estate and equity portfolio. In an interview with Cointelegraph, Alex Konanykhin, CEO of Unicoin, explained that while the firm's real-world asset (RWA) holdings are helping to launch the project into fruition, they aren't tied to one another:
"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."
Cointelegraph: Given the regulatory complexities associated with cryptocurrencies and tokenized assets, how does Unicoin navigate these challenges across different jurisdictions?
Alex Konanykhin: "Unicoin Inc. is a publicly reporting company in the United States with five years of audited financials accessible on the website of the U.S. Securities and Exchange Commission (SEC). We spend millions of dollars on auditors, lawyers, and consultants to ensure compliance with all applicable regulations."
The company is audited by accounting firm Kreit & Chiu CPA, LLP, also based in New York.
Konanykhin explained that currently, Unicoins can be acquired through "swaps for real estate or other kinds of RWAs, without using any cash." Unicoins can also be acquired through "Buy Now, Pay Later deals," which give investors five years to pay for the purchase. "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," the blockchain executive said.
In February, the firm filed an application to go public with the SEC. "We are conducting a large-scale advertising campaign in preparation for going public in order to increase the brand visibility and value of Unicoin and popularize its advantages," Konanykhin told Cointelegraph.
In a recent letter to shareholders, Konanykhin outlined that the listing could occur in three ways: reverse merger, direct listing, or traditional IPO. "The market situation has indeed become favorable for crypto companies listed on major exchanges," said Konanykhin, who expressed the most interest in the first option: "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."
According to its U.S. Securities and Exchange Commission (SEC) filings, Unicoin launched the security token project in early 2022, and as a holdings company, the firm wholly owns one Talent-as-a-Service (TaaS) operating company and platform, SheWorks! Argentinian businesswoman Silvina Moschini, the co-founder of Unicoin, created SheWorks! in 2017.
"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," company staff wrote.
During its latest quarterly report, the company disclosed total assets of $30 million and total liabilities of $98 million, of which $88 million consists of Unicoin rights financing obligations. In Q1 2024, its revenue increased by 16.4% year over year to $5.0 million.
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