New York-based blockchain tech company Unicoin is planning to go public and launch its own cryptocurrency by the end of this year. Unicoin has been active in the industry since 2015 and is developing a token backed by its real estate and equity portfolio. According to CEO Alex Konanykhin, the real-world asset holdings provide the necessary funding to ensure the success of Unicoin but do not represent a direct stake in any asset.
Konanykhin emphasized that Unicoin is a publicly reporting company in the United States, with five years of audited financials accessible on the U.S. Securities and Exchange Commission (SEC) website. The company spends significant resources on auditors, lawyers, and consultants to ensure compliance with regulations. Currently, Unicoins can be acquired through swaps for real estate or other real-world assets without using cash, and through “Buy Now, Pay Later” deals, allowing investors up to five years to pay for their purchases.
In February, Unicoin filed an application to go public with the SEC and has been conducting a large-scale advertising campaign to increase brand visibility and value. Konanykhin outlined three potential methods for going public: reverse merger, direct listing, or traditional IPO, with a preference for a reverse merger as it is the fastest way to go public. The company is reviewing suitable NYSE and NASDAQ listed companies for this purpose.
Unicoin’s recent SEC filings revealed that it launched the security token project in early 2022. The company wholly owns SheWorks!, a Talent-as-a-Service platform founded by Argentinian businesswoman Silvina Moschini in 2017. Additionally, Unicoin is the majority owner of ITSQuest, a staffing agency, and Unicorns, a media production company producing the business and investing reality show “Unicorn Hunters.” The latest quarterly report disclosed total assets of $30 million and total liabilities of $98 million, with revenue increasing by 16.4% year over year to $5.0 million in Q1 2024.
