Weekly Real Estate News
Unicoin Inc., the company behind the assets-backed cryptocurrency unicoin, announced that it signed a $335 million agreement to purchase Eden Grand Resort, a development project for a luxury resort in Chonburi, Thailand. The purchase price shall be paid entirely in the unicoin cryptocurrency, and Unicoin stated the deal is the largest-ever real estate acquisition made solely with digital assets.
The acquisition is structured pursuant to Unicoin’s program of acquiring real estate assets at 140% of their appraised value for unicoins. The property owner, Mohammad Al Saeed Adnan, will be paid 671,206,755 unicoins for the acquisition, a $335.6 million value at the 50¢/ú price investors currently pay for unicoins.
The property, in addition to the underlying land, is proposed to have a six-story building plus 150 two- and three-bedroom villas. Unicoin intends to create a wholly owned subsidiary in Thailand that will hold title to the property. Upon closing of the transaction, Adnan, will become the largest single holder of unicoins.
“Unicoin is a perfect asset tokenization tool for real estate developers, as, by pooling multiple properties in our portfolio, we may turn Unicoin into a leading crypto brand with staying power,” said Alex Konanykhin, CEO of Unicoin Inc. “As an assets-backed, publicly reporting, audited and SEC-compliant cryptocurrency, Unicoin may win a significant market share from the assetless cryptocurrencies of the First Wave and provide Mr. Adnan with a high return on his investment.”
