Filipino Crypto Noah Coin Will Bring Cheaper Remittances, Digital Payments, And A Resort City
Blockchain technology and cryptocurrencies have become all the rage in the past years, with the price of the most popular cryptocurrency Bitcoin soaring at least 2,000 percent in just a year. This has opened the opportunity for Ark Systems Technologies to develop a cryptocurrency specifically designed for the needs of Filipinos.
Called Noah Coin, this cryptocurrency is the main currency of the non-profit organization Noah Foundation, which seeks to create a platform to link the Philippines and Japan and enhance opportunities and potentials between the two countries. The Noah Project is the pioneering project that aims to ensure the circulation of Noah Coin in all the projects that the Foundation will undertake.
Some of the projects of the Noah Foundation include the development of a financial structure that will ensure all kinds of currencies could be exchanged for Noah Coin. This is crucial in the goal of the Foundation to make Noah Coin the primary choice for overseas Filipino workers (OFWs) to send money to the Philippines since they want to provide a cheaper alternative to sending and receiving money between countries.
According to the Foundation, the remittance of money from Japan to the Philippines will become cheaper by converting their cash to Noah Coin. This will be possible via an electronic wallet called Ark Wallet designed and provided by Filipino firm Satoshi Citadel Industries. They claim that costs for remittances of P10,000 could be cut to 2 to 3 percent, compared to the normal 10 percent.
Another vision of the Noah Project is the creation of Noah Resort and City, which will become a destination featuring amusement facilities, shopping malls, hotels, casinos, and other establishments. The planned Noah Resort and City will be erected at the site of the Horizon Manila in Pasay, and will use Noah Coin as the primary means of transaction.
Noah Resort and City plans
Noah Foundation has already partnered with several Philippine government projects, such as the Organic Osmena Festival 2020 held on August 2017, where the Foundation introduced the development of GrowKart, a dedicated app for organic farmers in Mindanao that connects them directly to retail and service businesses such as supermarkets, restaurants, and customers.
Zamboanga del Norte Representative Seth Frederick Jalosjos has also committed an undeveloped area of its luxury travel resort Dakak Beach Resort to become a Noah Resort that will accept Noah Coins by June 2018. He believes Noah Coin can also become the key to promoting tourism in Mindanao not only to other Filipinos but to travelers from all over the world.
“Even though Mindanao is really a safe, peaceful, beautiful island, very many foreigners think the area is dangerous because of the insurgency in Marawi. I anticipate that this stigma will break down and a lot of tourists will visit Mindanao, thanks to this collaboration with the Noah Social Innovation Foundation,” Jalosjos said.
“I want a lot of Japanese people to visit Mindanao through Noah Ark Coin, which we view as a bridge between Japan and the Philippines. In the future, we intend to establish Japanese language schools to educate Filipinos to speak Japanese and prepare a system to welcome visitors from Japan.”
Behind the Noah Project and the development of Noahcoin are a mix of experts and businessmen from Japan and the Philippines, including Josef Werker, co-founder of Media Werx and managing director of Penbrothers; Clarke Robertson, an experienced CTO of Infrastructure of ValueCommerce in Japan; experienced banker Rafael Andres Reyes; Nathalie Salami, currently Noah’s Legal Advisor and a Fintech legal expert; Michael Jiang, who is leading the insights analysis team; Alex Mashinsky, founder of GroundLink, Transit Wireless, Elematics, and Arbinet; Azam Shaghaghi, a specialist in Digital Asset Fund; and Bea Rose Santiago, 2013 Miss International and will act as the ambassador and face of the Foundation.
The first round of the pre-sale of Noah Coins were held on December 2016 to March 2017, and a second round was held on April 2017 to June 2017. As of stage 3, the Noah Coin initial coin offering has raised 12,987,578,850 and right now, the price of one Noah Coin is equivalent to 0.0068 USD.