Blockchain payments specialist Roxy is close to concluding a stock listing deal with a blank check merger with SPAC called Golden Stone with a valuation of $3.65 billion.
The deal comes as the cryptocurrency and cryptocurrency market suffers from a collapse in value and investors lose interest in SPAC companies due to disappointing returns.
However, none of Roxy’s investors are planning to sell their shares, as Golden Stone raised $57.5 million in the initial public offering in March of this year, which is considered a decline in the value of the deal, and Roxy investors can obtain gains for additional shares in the combined company if the goals are reached. Prices of certain shares.
Founded in 2019, Roxy is a company that connects banks, payment companies, and remittance companies with the aim of providing the facility to customers to make cross-border payments using their Blockchain networks, however cryptocurrencies that have a volatile and unstable market value cannot be used.
Bitcoin fell less than $20,000 on June 18 for the first time since December 2020, to have recorded a 60% drop this year, and the value of the cryptocurrency market as a whole fell by $900 billion compared to the $3 trillion it was in November. Read more [Bitcoin Drops and Reaches Below 2017’s All-time High] and [Bybit Terminates Employees in The Middle of Market Pullback].
It is worth noting that 26 mergers were completed through SPAC deals in the United States of America during the past six months of 2022, compared to the completion of 18 mergers in 2021 and 7 mergers in 2020.