Through its multilateral payment channel, the blockchain infrastructure company that is said to power the next-generation payments and digital commerce solutions, aims to build a global community that includes consumers, merchants, businesses, central banks, banks, as well as non-bank financial institutions
Roxe, a blockchain-based payments network, has agreed to merge with blank cheque company Goldenstone Acquisition in a deal that values the combined entity at around $3.6bn.
Through the deal with the special purpose acquisition company (SPAC), Roxe will go public with a listing on the Nasdaq Stock Market. Access to capital markets is expected to help the payments company expedite growth and boost its technology base offering.
Roxe’s blockchain is said to provide a multilateral payment channel for supporting various assets such as currency, gaming coins, gift cards, stocks, loyalty rewards, cryptocurrencies, and central bank digital currency (CBDC).
As of today, Roxe’s global payment community is being used by 44 global partners. These include ECS Fin, Nium, Axletree Solutions, Fairexpay, N2Xpress, iPay, Rana Express, and Treviso.
Roxe’s partners enable their B2C and B2B customers in sending as well as receiving payments from 113 countries.
The company has established the Roxe Instant Settlement Network (RISN) for facilitating instant cross-border payments around the world.
Roxe chief business officer Josh Li said: “We are thrilled to be working with Goldenstone to bring Roxe onto NASDAQ, which we believe will accelerate our growth and that of the groundbreaking payments ecosystem that Roxe makes possible.
“We believe that through our combined teams and expertise, Roxe will empower users to streamline payments, financial transactions and value exchange across the globe.”
According to the parties, Roxe’s stockholders are expected to contribute 100% of their equity to the combined entity. Also, some stockholders will be potentially entitled to be paid an earnout for additional shares of equity if some price targets are achieved as listed in the merger agreement.
Goldenstone Acquisition chairman and CEO Eddie Ni said: “Roxe is a leading blockchain-based open payments network and we strongly believe in the tremendous opportunity for blockchain to transform payments.
“We believe that Roxe’s adherence to a compliant, robust strategy will make it a winner in this track.”
The deal, which is subject to approval by stockholders of both firms, is anticipated to close during Q1 2023.