Noah Coin (NOAH), which ranks 143th in the cryptocurrency market with a capitalization of $ 33 million, is seeking to enter the Tokyo Stock Exchange (TSE) by taking control of the associated Chinese company Beat Holdings.
Having worked to distance himself from Bitcoin et al., According to an official, the Japanese exchange operator feels "troubled"
Noah Coin could enter the Japanese stock market by taking control of the company quoted
Hong Kong cryptocurrency company Noah Ark Technologies and leading shareholder of the company listed on the Tokyo stock exchange Beat Holdings – with a share of nearly 15% of the business – has proposed a change of name to "Noah Coin". He also proposed the issue of new shares and share acquisition rights in order to obtain more than 50% and gain control over the company.
The proposal made in June caused unease to shareholders of Beat Holdings and the Tokyo Stock Exchange, according to Nik kei Asian Review. This is because cryptocurrencies are seen as lacking protections for investors in the current regulatory framework.
Beat, a group specializing in the acquisition of intellectual and health property that is formerly known as Xinhua Finance, has a market of less than 10 billion yen ($ 90 million)). Noah's currency reached the public hands in July with a market capitalization of just over $ 90 million.
While worried that a cryptocurrency company may be listed on the Tokyo Stock Exchange, the operator has their hands tied but the purchase is still subject to regulatory approval. Meanwhile, Beat Holdings shareholders are resisting Noah's anticipations. This is according to Beat's CEO Lian Yih Hann, who told Nikkei that the acquisition attempt is probably a gimmick to gain credibility among future investors in order to launch an ICO in Singapore or Hong Kong.
Beat Holdings may have attempted to obtain a July, we will offer a 30% stake to a virtual currency company based in Singapore through the assignment of third party shares. The next Shareholders' Meeting should take place as soon as possible next month.
Noah's story in the Philippines and its world expansion plan
The Hong Kong-based company promoted Noah Coin and its remittance service in the Philippines that Filipino migrant workers are able to send money to home in an easy, safe and fast way to transfer money.
The company claimed to have the country's support for the project, but the embassy of Manila in Japan said that its central bank "did not release the authorization", nor did the company find the address he listed with the country's Securities and Exchange Commission.
Noah Ark Technologies seeks to raise about $ 1 billion in a forthcoming initial coin offering (ICO) to finance the launch of its cryptocurrency trading in the United States, Japan, China and Europe.
Close-up image of Shutterstock.