Tokyo Stock Exchange (TSE), which has historically steered clear of all things crypto has raised its concern over the ‘troubling’ acquisition of Beat Holdings by Noah Ark Technologies. Nikkei Asian Review reported on Sunday that Noah Ark Technologies proposed in June that Beat Holdings, “ change its name to include “Noah Coin” — a virtual coin the Hong Kong company launched this year — and issue new shares and share acquisition rights so as to let Noah obtain voting rights of about 50%”.
Beat Holdings Ltd. was previously known as Xinhua Holdings Ltd. and was founded in the year 1999. Beat Holdings is primarily engaged with developing and operating application software for smartphones, telecom software platforms, global messaging gateways and mobile advertising platforms. A press release by Beat Holdings in June disclosed that Noah would become their majority shareholder, that impact of which was hard to judge. The press release also announced that Beat Holdings was prudently reviewing the proposal put forth by Noah.
Although the Tokyo Stock Exchange is glad to have foreign firms enter the Japanese markets, they haven’t been too comfortable with the idea of cryptocurrencies as it perceives it to lack protections for investors. Although the Japanese authorities haven’t approved Noah as an operator, Beats becoming a subsidiary of Noah in all but name poses an issue for both Beat shareholders and the Tokyo Stock Exchange.
Noah Coin allows Filipino migrant workers in Japan to efficiently transfer money back home while using their online wallet or by using PayRemit agents. Noah hopes that with the acquisition of Beat stocks it could boost its cryptocurrency operations within Japan, the United States, China along with European markets. In the year 2016, the Noah Project raised over $110 Million owing to its token sale, and with Noah Coin, it hopes to target the Japanese market. The stock price of Beat Holdings have seen a hike of +1.48% as of 02:00 AM EDT 08/13/2018 according to Bloomberg.