• Roxe as a blockchain-based global payment network
• Roxe wants to go public via merger with shell company Goldenstone Acquisition
• Approval from shareholders and authorities is still pending
Roxe is a blockchain-based payment provider that says it wants to build the next 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 smart payment technology automatically selects the optimal payment path for any business or individual around the world, enabling payment and remittance companies, banks, central banks and consumers to take advantage of the speed and cost-saving benefits of blockchain technology could without having to trade cryptocurrencies directly. The company currently has 40 partners worldwide and its multilateral payment channel supports currencies as well as gift cards, gaming coins, loyalty rewards, stocks, cryptocurrencies and CBDC.
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Despite the difficult market environment, Roxe is aiming for a US IPO
Now Roxe wants to take the next step in its development and is aiming for a listing on the NASDAQ. The way to do this was to merge with SPAC Goldenstone Acquisition. “Our merger with Goldenstone will expand our ability to accelerate our growth and enable users to streamline payments, financial transactions and value exchange around the world,” Roxe Chief Business Officer Josh Li is quoted as saying in the press release. He also described the step as an “important milestone for Roxe”.
The fact that numerous crypto companies are currently struggling with problems, that the market environment is generally not so rosy and that the time of the SPACs has already passed its peak does not seem to bother Roxe. According to the news agency “Reuters”, investors are increasingly losing interest in SPACs due to disappointing returns and are punishing them on the stock exchange.
Merged company worth billions
The shell company Goldenstone Acquisition, with which Roxe wants to merge, only went public in March 2022, raising $57.5 million in the process. This amount is to be included in the balance sheet of the resulting Roxe Holding Group after the transaction has been completed. However, according to the press release, the value of the combined companies is said to be significantly higher at $3.6 billion. According to information from “Coindesk”, the deal should be completed in the first quarter of 2023, before the Goldenstone shareholders and the authorities have to approve the merger. At least the CEO of Goldenstone, Eddie Ni, was already enthusiastic about the upcoming merger. “Roxe is a leading blockchain-based open payments network and we strongly believe in the tremendous opportunity for blockchain to transform payments and we think that by sticking with a […] robust strategy will become a winner along the way,” he said, according to the press release.
As “Reuters” reports, citing insiders, all current Roxe shareholders will retain their shares and contribute them fully to the merged company. According to the press release, certain shareholders will also be entitled to additional shares of the combined company through an earn-out clause if its share price meets certain, but unspecified, targets. Whether the IPO via SPAC will actually be successful for Roxe remains to be seen. After all, the crypto market could have calmed down a bit by the time the transaction was completed early next year – or it could have collapsed completely.
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