Unicoin, the company behind the asset-backed cryptocurrency Unicoin, has secured ownership of renowned copper exploration and mineral rights in Argentina.
The $210 million purchase of the all-cryptocurrency Barda Gonzales copper exploration project in Argentina's Neuquén province is a major step toward merging traditional industries with cryptocurrency, according to the company. Unicoin signed an agreement with the Argentine corporation Electroquímica Del Neuquen SA and acquired a copper mine for 420 million Unicoins at a price of $0.50 per Unicoin.
Alex Konanykhin, CEO of Unicoin, stated that “these valuable ownership rights significantly increase our total assets, supporting our ability to raise capital and launch Unicoins, providing benefits to all of our investors.”
The mine acquisition comes at an opportune time, consistent with global copper demand forecast to reach 36.6 million metric tons by 2031. Additionally, the recent designation of copper by the U.S. Department of Energy as a critical mineral increases the importance of this acquisition.
The success of the transaction depends on thorough due diligence and a smooth transfer of mining rights from Electroquímica. Upon completion, Electroquímica will become the largest holder of Unicoin, highlighting the importance of the deal for both cryptocurrency and traditional resource management.
Launched in 2022, Unicoin is the first asset-backed cryptocurrency verified and compliant by the SEC. The token is backed by a diversified portfolio that includes shares of major global companies from various industries. According to the press release, the cryptocurrency was created to counter the volatility of other fiat cryptocurrencies.
Unicoin's approach combines inventive fundraising tactics such as the Buy Now, Pay Later initiative and the 140% program, which allows property owners to trade their properties for cryptocurrency.
