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Blockchain payments company Roxe eyes public listing via SPAC

Finance

www.theblock.co 22 June 2022 03:30, UTC
  
Reading time: ~2 m

statement on Tuesday. Stockholders in the company will roll 100% of their equity into Goldstone with no minimum cash requirement. 

"This is an important milestone for Roxe. Our merger with Goldenstone will augment our ability to accelerate our growth and empower users to streamline payments, financial transactions and value exchange across the globe," said Roxe CEO Josh Li in the announcement.

Whether the deal will clear or not, however, remains subject to approval by Goldenstone stockholders and compliance with Securities and Exchange Commission requirements. 

This move stands in direct contrast to the current volatility plaguing the crypto market. Over the weekend, bitcoin dropped below $20,000 amid a border market downturn with companies such as Babel Finance and BlockFi taking steps to shore up their finances.

Public companies in the crypto sector are similarly also facing drops in valuation. Last week, shares of brokerage Robinhood slumped to a new low, taking its market value below the value of the cash on its balance sheet. Similarly, crypto exchange Coinbase also suffered a 5% drop in its share price after it announced that 18% of staff would lose their jobs. 


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