June 21 Reuters Blank check company Goldenstone Acquisition Ltd said late on Tuesday that it has entered into a deal with blockchainbased payments company Roxe Holding Inc to take it public for a combined enterprise value of about 3.6 billion.

The deal bucks an unfavorable market environment with cryptocurrencies plunging in value and investors largely losing interest in special purpose acquisition companies SPACs of this sort partly because of disappointing returns.

Reuters had earlier reported about the deal, citing people familiar with the matter. None of the Roxe investors plan to sell their stakes, according to the sources.

Roxe stockholders will roll 100 of their equity into the combined company and certain stockholders are entitled to an earnout for additional shares in the combined entity if certain stock price targets are met, Goldenstone said in a statement.

Goldenstone raised just 57.5 million in its initial public offering in March this year, a slither of the deal39;s value.

Founded in 2019, Roxe connects banks, payment firms and remittance companies, facilitating crossborder payments using their private blockchain tokens. It does not use cryptocurrencies, whose market value has been volatile.

Bitcoin fell below 20,000 on June 18 for the first time since December 2020. It has plummeted around 60 this year. The overall crypto market has slumped to around 900 billion, down from a record 3 trillion in November. 

This would be Roxe39;s founder Haohan Xu39;s…