Home News NEW ART Plans JPY 15bn ICO via Hong Kong’s Subsidiary in 2018(Update)

NEW ART Plans JPY 15bn ICO via Hong Kong’s Subsidiary in 2018(Update)

by default1
  • Japanese Listed Jewelry retailer   
  • Expanding crypto-business
  • New Schedule as August 15 2018- November20 2018*       

NEW ART, a listed Japanese jewelry retailer and beauty salon operator, is seeking to raise up to around JPY15bn (USD 140m) via ICO via its Hong-Kong-based subsidiary HONG KONG NEW ART(HKNA) in early this year, according to the company’s announcement.
NEW ART would use its proceeds to expand its core retail business in Japan and overseas,  adding that the company would build the blockchain-based platform for the jewelry (diamond) transaction. The Tokyo-based subsidiary would be also aiming at tapping into virtual currency exchange business via its proceeds.
The company’s ICO would start on 15 August 2018 and end on 20 November 2018*.
NEW ART’s token NAR would be available to purchase either Bitcoin(1NAR = 0.0001BTC) or Ethereum( 0.001ETH), but people(investors) living in Japan are not allowed to participate in its ICO.  
The JPY11bn market cap firm already has its business operation in Taiwan and Hong Kong, and, aiming to expand its core business in those Asian regions, along with its new cryptocurrency business.
NEW ART expects to post group sales of about JPY 13bn for the year ending in March 2018.