Unicoin to Acquire Majority Stake in Diamond Lake as It Launches Altcoin Treasury Strategy

UNICoin crypto agreed to buy a 51% share in Diamond Lake Minerals, a company specializing in digital assets, and prepared the ground for strategic rebrand and shift to the altcoin box office.

The agreement, which was announced on Monday, will see Diamond Lake minerals renamed Diamondlake and focus on building a cryptocurrency treasure. This effort is inspired by bitcoins strategy

-Hast strategy of corporate financing, but swapy BTC for developing altcoins.

Diamond Lake Minerals’ shares were last traded for $ 3.96, indicating that an agreement could be more than $ 70 million. The acquisition is expected to be closed within 20 days until standard conditions.

Unicoin CEO Alex Konanykhin framed this step as a bet on the future of cryptocurrencies. Quoted legislative shifts as Recent passage on the leadership and creation of national innovations for American stablecoins (genius) through the Senate of the country as catalysts that could unlock altcoin potential.

“We believe that the same results achieved using bitcoins can be replicated for a fraction of the cost in the Alt-Coin segment,” Konsykhin said.

Diamondlake CEO Brian J. Esposito described the “historical” agreement and emphasized the long -term ambitions of the company to bring tokenization to the core of the public market investment strategies.

The new company will focus on the tokenization of the real world assets and making everyday investors accessible.

Acquisition comes about a month after the US Securities and Exchange Commission (SEC) sued Unicorn and three of its executives, including Konsykhin, for alleged increases of more than $ 100 million “Massive securities fraud.”

The agency claims that Unicoin has misled investors by inflating the valuation of real estate and supporting excessive, unrealistic returns such as 9 million percent, through aggressive marketing campaigns. SEC seeks disagreement and civil sanctions.

Konsykhin rejected the accusation as “obviously false” and suggested that SEC is still walking around crypto companies, even after the regulatory body has abandoned companies, including Coinbase, Kraken and Uniswap.

In April he refused the proposed settlement meeting and described the SEC conditions as “unacceptable”. In a letter to shareholders, he claimed that Unicoin had followed the US regulations and accused the regulator of “causing damages with more billions of dollars” through his probe.