Unicoin bullish on PH, eyes BGC office and $2-B deals by end of 2024

Cryptocurrency issuer Unicoin Inc. is optimistic about the growth of the cryptocurrency market in the Philippines, as it is now seeking regulatory approval to operate in the country with plans to open an office in Taguig, and secure as much as $2 billion in deals before the end of 2024.

According to Unicoin chief executive officer Alex Konanykhin, the firm is already in the process of securing the necessary license from the Securities and Exchange Commission (SEC) to operate in the country and put up an office at the World Plaza in Taguig City.

“The intent is establishing a permanent office here, applying for all the necessary licenses, and have a strong presence in the Philippines based on the level of interest we have seen so far,” he told GMA News Online in an interview.

The Philippine team will initially be composed of some 10 to 12 members, and will grow accordingly once a wider reach in the country is established.

Konanykhin said he has been speaking with ultra-high net worth individuals in the country, and has already secured $1 billion in deals, primarily in real estate.

“Overall from local investors, we received deals totaling over $1 billion and we believe that this number can be substantially increased so our presence here is going to be proportionate to the level of business which is growing,” he said.

“We have secured deals for over $1 billion and in our pipeline and the process, we have at least as much, so together, we hope that by the end of the year this number will exceed $2 billion,” he added.

The Philippine asset portfolio includes a mix of vacant lands, beach lands, hotels, office towers, and a few primary residences in areas in Metro Manila, Boracay, and Clark, among others. The company has also been in talks with high net worth investors for possible deals.

Konanykhin said the company is also targeting to have Unicoin — an assets-backed, dividend-paying cryptocurrency — listed on digital asset provider Coins.ph by the end of November.

For Unicoin chief operating officer Alex Dominguez, the optimism is driven by the country’s adoption of digital cryptocurrencies, ranking fifth in terms of crypto adoption across the globe, and possibly being a springboard for the firm across Southeast Asia.

“You guys in the Philippines seem to be more in tune with crypto and the adoption and using it, and the statistics bear it out. When I looked at the statistics, you guys were number five and that wasn’t a surprise,” he said.

“We’re very excited not only for the Philippine market, but also for the markets that surround the Philippines. We realize that the Philippines is a very high destination area for other countries — Korea, China, the UK. We find that if we can get spillage into other countries and we do very well in the Philippines, we do very well overall in Asia, so it’s a good place to start,” he added. —RF, GMA Integrated News