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• Roxe as a blockchain-based global payment network
• Roxe wants to go public through a merger with the Goldenstone Acquisition cover
• Shareholder and government approval is still pending
Roxe is a blockchain-based payment provider that claims to want to build a new generation of payment solutions. Founded in 2019, the company’s mission is to build a global network of individuals, banks, central banks, other financial institutions, corporations and merchants to enable payments via private blockchain tokens, according to a press release. Roxe’s intelligent payment technology automatically selects the optimal payment path for each company or individual worldwide, enabling payment and remittance companies, banks, central banks and consumers to benefit from the speed and savings of blockchain technology without having to trade cryptocurrency directly. The company currently has 40 partners worldwide and its multi-lateral payment channel supports currencies as well as gift cards, gaming coins, loyalty rewards, stocks, cryptocurrencies and CBDC.
Despite the difficult market environment, Roxe is aiming for an IPO in the US
Now Roxe wants to take the next step in its development and is striving to enter the NASDAQ exchange. The way to do that was to merge with SPAC Goldenstone Acquisition. “Our merger with Goldenstone will extend our ability to accelerate our growth and enable users to streamline payments, financial transactions and value exchange around the world,” Roxe’s chief business officer Josh Li said in a press release. He also described this step as “an important milestone for Roxe.”
The fact that many crypto companies are currently struggling with issues, that the market environment is generally not that rosy, and the times of SPAC are over, does not seem to bother Roxe. According to the Reuters news agency, investors are increasingly losing interest in SPACs due to disappointing returns and punishing them on the stock exchange.
A combined company worth billions
The Goldenstone Acquisition front company, with which Roxe wants to merge, only went public in March 2022, raising $ 57.5 million. This amount is to be included in the balance sheet of the established Roxe Holding Group after the completion of the transaction. However, according to the press release, the value of the combined companies is expected to be much higher at $ 3.6 billion. According to Coindesk, the transaction should be finalized in the first quarter of 2023, before Goldenstone’s shareholders and authorities have to approve the merger. At least Goldenstone’s CEO Eddie Ni was already enthusiastic about the upcoming merger. “Roxe is a leading blockchain-based open payment network and we strongly believe in the tremendous opportunity blockchain can turn into payments and believe that by sticking to […] a solid strategy will become a winner along the way, he said in a press release.
As reported by Reuters, citing people from within the company, all current shareholders of Roxe will retain their shares and will contribute them in full to the merged company. According to the press release, some shareholders will also be entitled to additional shares in the combined company under a share payout clause if the share price meets certain but undefined targets. Whether an IPO through SPAC will actually be successful for Roxe remains to be seen. After all, the cryptocurrency market may have calmed down somewhat by the time the transaction is completed early next year – or it may have collapsed altogether.
Editors of finanzen.net
The leverage must be between 2 and 20
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