The Tokyo Stock Exchange has been taken in by storm, by one of the ICO platforms which intends to initiate crypto projects over out of such a grand incumbent exchange. Noah Ark Technologies, a shareholder of Beat Holdings, are valiantly fighting back any opposition in bringing the Noah coin to the Tokyo Stock Exchange. Noah, ranks 143rd in the entire cryptocurrency market, has earned a capital of about $33 million.
Is the exchange eager to welcome the crypto platform in?
From the looks of what the recent circumstances have turned out as for the crypto market, we see the market make a deep plunge down into the ‘devaluation’ waters, authorities can not bear any risks welcoming the market into their system integrating in, the cryptocurrency dealings. The same unwelcoming trend can be expected from the banking systems and the stock exchanges as they have been known to abhor the concept of virtual assets altogether as that would pull capital away from their own holds, say some controversy theorists.
There was once a time, as bitcoin surfaced to existence when people wondered about the whether this would take a form of a legit trend, a way to barter things in or sell away, but things have not been nicer for the cryptocurrencies as per late as we see a distinctive red for them. The altcoins other than ethereum and ripple have faced a devaluation of about 80-90% while the top three have seen lesser.
Bitcoin though not bearing a loss of such scale has seen its value diminished 70% of its previous value. This also counts for the hesitant behavior of the official authorities and a negligent eye from other avenues as we hear the word ‘troubled’ from a Japanese stock exchange operator. They have scratched and clawed to keep away from bitcoin spreading its domination afore.
How come Noah gets associated with the Tokyo Stock Exchange (TSE)?
The Noah Ark Technologies, a Hong Kong based platform boasts as the top shareholder for the Beat Holdings which is, in turn listed in the TSE. The Noah Coin has been coined by the Noah Ark Technologies which they intend to incorporate into the stock exchange. Noah owns 15 percent of the Beat Holdings and intend to acquire above 50 percent of the company as they have suggested listing in new shares to the willing partners and share acquisition rights. Things further escalated for a drastic change as Noah folks suggested that the Beat Holdings should be titled, the Noah Coin
The TSE is rightly displaying the wary behavior as cryptocurrencies have been failing, as per late, to prove to be worth of value, a value not associated with non-financial risks. A stock exchange always welcomes in newer parties and companies to allow a circle of capital which is among the motives of the TSE as it seeks companies from outside the Japanese premises to initiate dealings at the exchange. But the Hong Kong firm has been busy promoting the first ever thing, the exchange has been keeping a distance from, the cryptocurrencies and has not accepted Noah as a crypto platform either as Nikkei reports.
What about the other shareholder for Beat Holdings?
Noah seeks to acquire more than the 50 percent of the company and even intend to rename the entire firm to mere Noah Coin that merely suits their interest. Though Noah does intend to garner more shares of the company for itself, the fact is clear to other partners of the firm as they sit tight awaiting the firm to be pulled away from their influence. This can surely ignite a civil war from within.
Beat is a Cayman Islands based firm listed to work in the health care department and intellectual property acquisition. TSE has it dealing business on the second section with a market cap of under 10 billion yen ($90 million).
The Beat CEO, Lian Yih Hann lists among the people who openly oppose what Noah idealizes. Lian is of the view that all Noah wants to pull off is to launch its own ICO in places Beat is excelling in, using Beat as a corporate ladder. Lian states,
Beat is resisting Noah’s advances. The takeover effort probably is designed to attain the credibility of a TSE listing. Noah likely thinks the move would help it launch an ICO in Singapore or Hong Kong, markets where Beat is expanding.
What Noah Ark Technologies describe they intend to do:
The company is speculated to gather a full billion dollars via their ICO as they seek to spread out to U.S., China and to other places in Europe after they establish their business in Japan. According to the company’s website, Noah has open intentions to provide means of capital transaction from Japan to Philippines as that would be great one up for the Filipino migrants that have come abroad to earn themselves a decent living.
The Noah-Filipino Interaction:
Noah has disclosed about the Philippines standing ground with them striving to pull this venture off to success. Noah claims that the official authorities have found the cryptocurrency platform as the easiest and decent method to transfer monetary assets to and from Japan and have extended their full support for the project. While Noah seems to boasts what might seem rather impossible, the Filipino embassy, back in March 2017 told the Japanese incumbent authorities to be cautious as the Philippine central bank does not approve of the project. The embassy further stated,
The company did not appear to be located at the Philippine address it listed with the country’s Securities and Exchange Commission.
What’s the take:
In order to fully get a firm grasp over whether Noah intends to fulfil its own interest or to provide service to the Filipinos all over Japan, one must choose empathy or keeping to the regulations in this case. Besides, in case Noah intends to initiate operations from the TSE dealing in cryptocurrency, it should bear that good in mind that the crypto market is not stable enough to support errorless-ly, the transactions of such a grand magnitude as TSE operates over. Several controversies surround Noah, not fitting into the right grooves for them, igniting the ever-critical world to go about asking questions.