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Roxe is eyeing Nasdaq listing and so it has entered into a merger with SPAC.
Blockchain payments firm Roxe has joined a long list of crypto-based companies that are listing publicly on Nasdaq. According to a press release, Roxe will be merging with Delaware-based special purpose acquisition company (SPAC) Goldenstone Acquisition Limited (GDST), in a deal reported to be worth $3.6 billion to achieve this.
SPACs are usually shell companies invested in the listing of firms. So, it is not unusual to see crypto firms enter into a merger with them in order to get listed. However, the announcement confirms that the merger company will be trading under the ticker “ROXE.”
Roxe to Help Users Streamline Payments
Speaking about the merger, the Chief Business Officer of Roxe, Josh Li agrees it is a major feat in the history of the company. He said in part:
“Our merger with Goldenstone will augment our ability to accelerate our growth and empower users to streamline payments.”
In addition, Li also says the merger will allow its firm’s users to carry out financial transactions and value exchange with ease.
Focus on Establishing a Global Payments Network
Essentially, New Jersey-based Roxe’s ultimate plan is to create a payments network that will work for individuals, business entities, and banks alike. And this will be achieved using its native blockchain – the Roxe Chain.
Meanwhile, as part of its efforts, Roxe launched a central bank digital currency (CBDC) initiative back in September. And with that initiative, developing nations may now use freely, its tool tha issues digital currencies.
Meanwhile, it should be noted that Roxe’s deal with Goldenstone follows after the latter’s initial public offering (IPO). That IPO generated around $57.5 million in capital. However, expectations are that the funds will be used to bolster the reserve of Roxe.
Notably, this is the second listing that Roxe’s CEO, Haohan Xu, will be agreeing to so far in the year. Before now, a $530 million deal was struck with another SPAC – Apifiny Group.
Importantly, it should be noted that the popularity of SPACs has now started to dwindle. Especially considering how they rose through the past two years. Also, the United States Securities and Exchange Commission (SEC) has taken it upon itself to require stricter reporting standards for SPACs, following several fraud allegations.