Roxe Holdings to make public offer in $3.65 billion deal with Goldenstone

Blockchain-linked payments firm Roxe Holdings will make a public offering in the deal with Goldenstone Acquisition Limited at a combined valuation of $3.65 billion. Despite the decline in the crypto market for the past few months, both the firms are moving forward on the deal.

Sources familiar with the deal said that none of the investors in Roxe Holdings have plans to sell their stake. As Reuters reports, Goldenstone is a special purpose acquisition company (SPAC). It raised $57.5 million in March through an initial public offering. The investors of Roxe will also get dividend for the additional stocks on meeting the specific target of stock price of the post-merger company. Roxe was started about three years ago. It connects banks, payment firms and remittance firms to facilitate payments abroad using private blockchain tokens. It does not use cryptocurrencies with volatility.

Most Valuable Cryptocurrencies by Market Capitalization bitcoin The price dropped below $20,000 last week. This is its lowest level since December last year. This year bitcoin is down about 60 percent. The value of the crypto market has also come down to around $900 billion. The fall in the market has added to the difficulties for many firms belonging to this segment. Some of these firms have also reduced their workforce to reduce costs. interest rate hike by the Federal Reserve in the US crypto Selling has increased in the market as investors are staying away from high-risk assets. Investors have lost millions of dollars due to the fall in the prices of cryptocurrencies.

This will be Roxe’s second SPAC merger this year. Earlier this year, the firm inked a deal with crypto exchange Apifiny worth around $53 million. According to data from Dealogic, around 600 SPACs that have brought public offers in the past few years have failed to complete deals. This year 26 SPAC mergers have been canceled in the US.

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