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.
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