Cryptocurrency

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 Unicoin, a New York-based blockchain technology company, is planning to go public through a stock offering and launch its cryptocurrency by the end of the year, as CEO Alex Konanykhin revealed in a recent<a style="color: #0000ff;" href="https://cointelegraph.com/news/crypto-firm-backed-by-rwa-plans-to-go-public-this-year" rel="noopener noreferrer nofollow"> interview</a>.
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Konanykhin noted that cryptocurrency would bear the company name and derive value from Unicorn’s equity and real estate holdings. He clarified that while the company’s <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/what-are-real-world-assets-rwa-in-crypto/" rel="noopener noreferrer nofollow">real-world asset (RWA</a>) holdings support the project’s initial development, the tokens themselves do not represent a stake in any specific asset. The company’s asset portfolio is only required to popularize and establish Unicoin as a cryptocurrency.
He noted that Unicoin believes that being an asset-backed cryptocurrency will contribute to its stability, distinguishing it from assetless cryptocurrencies like Bitcoin from the first wave.
When asked about how the company would address the regulatory complexities associated with cryptocurrencies and tokenized assets in different jurisdictions, Konanykhin highlighted that Unicoin Inc. is a publicly reporting company in the United States and it is investing significant resources in auditors, lawyers, and consultants to ensure compliance with all applicable regulations.
Konanykhin also stated that Unicoin has applied to the U.S. Securities and Exchange Commission (SEC) in February 2024 to pursue a public listing, and it is currently conducting a big marketing campaign to raise awareness about the benefits of the Unicoin token and enhance its value.
According to Konanykhin, Unicoin can be acquired “without using any cash” via “swaps for real estate or other kinds of RWAs.” Additionally, it can be obtained via “Buy Now, Pay Later deals,” which allow buyers to spread their payments over five years.
Unicoin started this security token project in early 2022, as disclosed in<a style="color: #0000ff;" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1740742/000182912624003411/unicoininc_10q.htm" rel="noopener noreferrer nofollow"> filings</a> with the SEC. In 2023, Konanykhin wrote a<a style="color: #0000ff;" href="https://unicornhunters.com/email-archive/unicoin-going-public/" rel="noopener noreferrer nofollow"> letter</a> to shareholders following an<a style="color: #0000ff;" href="https://app.frame.io/reviews/c776cbc8-583b-4d79-b81d-d7c30c52ff54/155fea44-d353-4d7e-9325-2ebd087a7ec7?version=cead4a9a-e828-42d2-ab72-3850b0b8120f" rel="noopener noreferrer nofollow"> interview in which he first</a> mentioned Unicoin’s plans to go public. In the letter, he outlined three potential routes for the offering: direct listing, reverse merger, or a traditional initial public offering (IPO) and expressed interest in the reverse merger option, stating, “That’s the fastest way to go public.”
With $30 million in total assets and $98 million in total liabilities, including $88 million in financing obligations for Unicoin rights, the company <a style="color: #0000ff;" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1740742/000182912624003411/unicoininc_10q.htm" rel="noopener noreferrer nofollow">reported</a> a revenue increase of 16.4% year-over-year to $5.0 million in Q1 2024.
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The post <a href="https://defi-planet.com/2024/06/unicoin-to-go-public-and-launch-asset-backed-cryptocurrency-by-years-end-ceo-reveals/" rel="noopener noreferrer nofollow">Unicoin to Go Public and Launch Asset-Backed Cryptocurrency by Year’s End, CEO Reveals</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Unicoin to Go Public and Launch Asset-Backed Cryptocurrency by Year’s End, CEO Reveals

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