Goldenstone Acquisition Limited to merge with Blockchain Payment Firm Roxe Holding


On June 21,
blank check company Goldenstone Acquisition said that it had entered into an
agreement to merge with blockchain-based payments firm Roxe Holding with a combined
enterprise value of about $3.6 billion.
As indicated by
a statement, the merger, following approval by Roxe’s and Goldenstone’s
shareholders, will help to become Roxe a publicly-traded firm on the Nasdaq
Stock Market.
Special purpose
acquisition companies (SPAC), or “blank check” organizations, are entities with
no commercial operations that acquire a first sale of stock to converge with
privately owned businesses to take them public.
A merger of this
size keeps on contradicting a declining crypto market and waning interest from
investors over a lack of profits created by these sorts of vehicles.
Still, numerous SPAC
deals, including Circle’s intentions to go public with a $9 billion venture
valuation, reported in February, offer an useful solution for blockchain and
crypto companies looking for a listing on major traditional exchanges.
“Roxe Holding
Group Inc.” will be the new name of Goldenstone. Roxe investors are supposed to
roll 100% of their equity into the joint venture.
Given the
permissioned model, Roxe does not relate with existing cryptocurrencies for
example bitcoin or ether, and instead issues its own private tokens for
transactions and remittances purpose across 113 countries.
The deal is
expected to close in Q1 of 2023.
“Roxe is a leading
blockchain-based open payments network and we strongly believe in
the…opportunity for blockchain to transform payments,” Goldenstone’s CEO Eddie
Ni said in the statement. “We believe that Roxe’s adherence to a compliant,
robust strategy will make it a winner in this track.”
Roxe’s
blockchain depends on a permissioned hybrid model supporting a range of assets
including digital fiat, central bank digital currency, stablecoins, gift cards,
gaming tokens, loyalty points, and stocks, as per its official website.

Joyashree Dey
CBW - External Analyst
INDIA