Noah Coin Trying Takeover of Company for Listing on Tokyo Stock Exchange
Noah Arc Technologies, the creator of Noah Coin has been trying to take control of a company so that it can be listed on the Tokyo Stock Exchange.
The Hong Kong-based company is trying to get control of Beat Holdings, an already listed company on the exchange. Noah Arc Technologies is pursuing to get 50% voting rights by having Beats Holdings issue new shares and share acquisition rights.
Currently, Noah Arc has 15% holdings in Beats. It also wants Beats Holdings to incorporate ‘Noah Coin’ in the company’s new name.
The Tokyo Stock Exchange is not happy with this change in events. This exchange has avoided cryptocurrency so far and has no interest in including it now. Its main reason for exclusion of cryptocurrency is the lack of standardization and regulation. Furthermore, Japanese authorities have not approved Noah Arc as a cryptocurrency operator.
Noah is intent on getting a 50% stake in Beats Holdings as it believes that this will be a way for it to step foot in other countries like US, China and the continent of Europe as well. Noah Arc hopes that the prestige associated with being listed on the Tokyo Stock Exchange will help it to achieve its $1 billion ICO goal.
This partnership cannot be called perfect. Beats Holdings is an expert in health care and intellectual property rights, whereas Noah Arc is focused on helping migrant workers from the Philippines send money back home via Noah Coin. While Noah Coin claims that the Filipino government supports it, the Philippines embassy in Japan said that there is no ‘issued authorization’.
Furthermore, Beats is not free from controversies either. The company was originally known as Xinhua Finance. But the U.S. government charged its executives with insider traders which caused it to be delisted from NASDAQ.
NOAH is currently ranked as the 133rd cryptocurrency in the world with a marketcap of $31.2 million.