Blockhain-based payments firm Roxe Holding said on Tuesday that it will list on the Nasdaq exchange through a $3.6 billion deal.

The firm said it has entered an agreement with special purpose acquisition company (SPAC) Goldenstone Acquisition Ltd, through which it will pursue the listing.

The merged firm will have a combined enterprise value of about $3.6 billion, Roxe said in a press release. Upon closing of the transaction, the merged entity will operate as Roxe, and will be listed on the Nasdaq under the ticker ROXE.

The firm offers payments services through blockchain technology, and services both business-to-business and business-to-customer clients.

Roxe shareholders have no intention of selling their stake

A report from Reuters, citing insider sources, says that none of Roxe’s current stockholders intend to sell their holdings after the merger. Roxe said on Tuesday that certain shareholders will also potentially receive earnouts if the listed share price meets certain targets.

The deal comes just a few months after Goldenstone’s IPO, where the firm raised about $57.5 million. These proceeds will be used to boost Roxe’s cash holdings.

The deal will be CEO Haohan Xu’s second major listing deal this year after crypto exchange Apifiny Group’s $530 million SPAC deal earlier this year.

Deal comes amid troubled times for SPACs and Crypto

Roxe’s listing plans come despite a recent crash in the crypto market, which saw total market capitalization sink to below $1 trillion. Bitcoin also recently hit its lowest level since mid-2021.

Concerns over the unwinding of several major players have driven an extended rout in crypto. Weak macroeconomic cues from rising inflation and interest rates have also worsened sentiment.

SPACs- a common listing vehicle for several major crypto players, are also falling out of fashion this year after a boom through 2020 and 2021. The U.S. Securities and Exchange Commission recently outlined tougher reporting requirements for SPACs, following several allegations of fraud.

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