Noah Ark Technologies, the creator of the Noah Coin, is trying to take control of a company to get listed on the Tokyo Stock Exchange.
They say that everything is fair in both love and war. The same could also be said for the world of business. Companies try to push their way up the ladder in many ways, such as creating better products, creating strategic partnerships, or by aggressively taking over other firms. This latter scenario is what is currently playing out as a cryptocurrency company is looking to become listed on the Tokyo Stock Exchange by taking a controlling interest in an already listed company.
Noah Coin Getting Aggressive
Noah Ark Technologies, the cryptocurrency company behind Noah Coin (NOAH), is taking an aggressive stand on trying to become listed on the Tokyo Stock Exchange. The Hong-Kong based company is trying to get Beat Holdings to let Noah get 50% voting rights by having Beat issue new shares and share acquisition rights.
Noah proposed these ideas as a 15% shareholder in Beat. It also wants Beat Holdings to change its name to include “Noah Coin” as part of the company’s new moniker. All of this is being done as Beat is already listed on the Tokyo Stock Exchange.
Tokyo Stock Exchange Not Happy
Needless to say, the Tokyo Stock exchange is not thrilled with this turn of events. The exchange has steered clear of cryptocurrency so far and has no plans on dipping its toe into the market. The main reason for this is that the exchange believes that the crypto market lacks standardized and regulatory protections for investors, not to mention authorities in Japan have not given Noah approval as a cryptocurrency operator.
As for Beat Holdings, they do have a somewhat checkered history. The company is based in the Cayman Islands and has a market cap of roughly $90 million. The company was originally known as Xinhua Finance, but the U.S. government charged its executives with insider trading back in 2011. This caused the company to be delisted from the Nasdaq stock exchange.
The reason why Noah is intent on gaining a 50% interest in Beat is that it believes such an action will help it launch operations in multiple regions, such as the U.S., Japan, China, and Europe. Noah also hopes that the prestige of being listed on the Tokyo Stock Exchange would help it attain its goal of a $1 billion ICO.
This potential partnership is not exactly a match made in heaven. Beat’s areas of expertise are health care and intellectual property acquisition. Noah’s main focus is on letting migrant workers from the Philippines send money back home via the Noah Coin. While the cryptocurrency firm says that it has the backing of the Filipino government, the embassy for the Philippines in Japan said that there has not been any “issued authorization” for Noah.
This entire situation will reach a new dramatic step in the next month or two at a Beat shareholders meeting. Right now, Noah is the top shareholder in Beats (at 15%) and seems intent on attaining its goal. NOAH is currently ranked as the 143rd cryptocurrency in the world with a market cap of $32.4 million. The coin is currently trading at $0.000993, a 26.99 percent increase in the last 24 hours.
Do you think Noah will be successful in getting their foot into the door of the Tokyo Stock Exchange? Let us know in the comments below.
Images courtesy of Shutterstock and YouTube/@Noah Project.