Could we soon see a token-backed project listed on one of the biggest equity venues in the world? An Asian ICO venture is reportedly trying to take over a Tokyo Stock Exchange listed firm, which would effectively make it a public company.
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Noah Coin Coming to the Tokyo Stock Exchange?
Noah Ark Technologies is a Hong Kong based company which developed its own crypto token, called Noah Coin. According to its website, the company has several varied plans for the use of its token, including enabling remittances for Filipino workers employed abroad in Japan, serving the tourism industry and even powering a whole new city by 2023 (called Noah City of course).
The company is apparently not content with just raising funds from cryptocurrency investors via the ICO market, as it is reportedly trying to get its foot inside on a traditional stock exchange which will allow it greater access to old ways of raising capital. Noah is a shareholder of Beat Holdings, which is listed on the Tokyo Stock Exchange, and wants the public company to issue new shares and share acquisition rights so that Noah will obtain about half the voting rights.
Not So Fast
An ICO company trying to sneak in through the back door into the Tokyo Stock Exchange, has raised the alarm bells at the still crypto-cautious venue. In fact, a Tokyo Stock Exchange official reportedly told the Japanese Nikkei news agency that the operators felt “troubled, to be honest” by the proceedings between Noah and Beat.
In addition to the exchange, that might not be legally able to block a takeover of a listed firm, Noah also needs to get Beat to cooperate but the current management is said to be resisting the move. A shareholders meeting is expected next month and the matter might come to a head at that point. If the takeover indeed takes place, Noah might leverage its new status as a listed company to try and get an approval from regulators for a Japanese crypto exchange of its own.
Should Japanese financial authorities block this move or welcome the company to the Tokyo Stock Exchange? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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