Crypto Company Backed By Real-World Assets Plans To Go Public In 2024
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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.”…
Filed under: News - @ June 27, 2024 4:20 pm