Unicoin Inc, the company behind the asset-backed cryptocurrency of the same name, bought copper exploration and mineral rights in Argentina from Electroquímica Del Neuquen S.A in a $210 million all-crypto deal.
Announced on Tuesday, the property is called the Barda Gonzales Project and it’s situated in the Neuquen Province of Argentina. The valuation for this transaction is $0.50 per unicoin, meaning the company gave 420 million unicoins to Electroquimica for the property.
The process of electrification for the mine is anticipated to boost the yearly copper requirement to 36.6 million metric tons by 2031. However, the projected supply is set to hover around 30.1 million tons, resulting in a significant shortfall of 6.5 million tons at the beginning of the upcoming decade.
Read more: PayPal introduces cryptocurrency hub to pair with new stablecoin
Read more: Coinbase expands into Canada with new offerings
U.S. Department of Energy added copper to its critical minerals list
Recently, the US Department of Energy introduced copper into its roster of critical minerals.
“We are pleased to announce a major step forward in achieving our goal of building a $1 Billion real estate portfolio to support the value of Unicoin,” said Alex Konanykhin, CEO of Unicoin Inc.
“These valuable property rights significantly increase our total assets, while supporting our ability to raise capital and launch unicoins, providing benefits to all of our investors.”
Unicoin is the official cryptocurrency of Unicorn Hunters, an investment based reality-TV show, that generates value for its investors through the expansion of and exposure to a varied asset portfolio, encompassing ownership shares in rapidly expanding enterprises and valuable real estate holdings.
“We are pleased to have selected Unicoin as our cryptocurrency of choice to partner with as we strongly believe in their business model of an asset-backed coin versus the majority of the coins on the worldwide market with ZERO assets,” said Ernesto Bernadet, owner of Electroquimica.
The completion of the transaction is contingent upon the thorough execution of due diligence and the successful transfer of mining concessions from Electroquímica. Once the transaction concludes, Electroquímica will emerge as the foremost individual possessor of unicoins.
Follow Joseph Morton on Twitter
joseph@mugglehead.com
