In accordance with
CoinDesk, Roxe introduced that it’ll checklist on Nasdaq via a mixture with particular function acquisition firm (SPAC) Goldenstone Acquisition Ltd. (GDST), in a deal valued at $3.6 billion. Whereas there may be comparatively little details about Roxe and
its executives, what’s stunning is that Roxe is led by a father & son duo, specifically Haohan Xu the CEO, and his father Maodong Xu, Roxe’s President.
Maodong Xu has an fascinating and lengthy background as a Chinese language serial entrepreneur who rose to fame and fortune (he was listed on
Forbes’ list of Chinese language billionaires in 2016) via his many profitable enterprise ventures within the cellular, eCommerce and FinTech industries. Lately, he has centered on beginning
companies that leverage blockchain know-how to reinvent funds and different monetary companies.
Xu got here from humble beginnings and was born in a small fishing village in Shandong Province, China. He earned his diploma in Pc Software and Automation and Enterprise Administration from the Wuhan College of Know-how and used a $10,000 wedding ceremony present
to create what grew to become the biggest grocery store in Shandong Province, the QiLu Grocery store.
After that in 1998 Xu based DotAd, which grew to become the biggest SMS software and main 2G firm in China and was acquired by Focus Media for $30M in 2006. DotAd was then renamed as Focus Wi-fi. The precise quantity of the acquisition was $60M because of
the rise in share value after the acquisition. Then in 2007, Xu co-founded EGLS, a number one cellular sport developer in China, which was acquired by a public firm Dragon Pipe for $500M in 2015. A 12 months later, in 2008, he based Lmobile, which grew to become the
largest cellular MMS promoting platform and main 2.5G firm in China. Softbank Asia Funding Financial institution (SAIF) invested in Lmobile which was acquired by Telstra for $159M in 2010.
In 2010, Xu based Welink, which grew to become the main cellular advertising and marketing platform and 3G firm in China and was offered for $110M to CSC in 2015. In the identical 12 months, he based WoWo, which acquired $100M funding from CDH, Zero2IPO, and Bauhinia Capital. Wowo
grew to become the main way of life service e-commerce platform in China. He efficiently led the corporate to checklist on NASDAQ in 2015 with a market cap of $1B. In 2011, he based Galaxy Web, which has acquired $350 million in funding from CSC and a number of other different
non-public fairness corporations and have become the main industrial web group in China, with a valuation of $1.9B in 2016.
Following his many successes, Xu additionally confronted unfounded setbacks, as Galaxy Web’s second-tier subsidiary bought 29% of the shares of a Chinese language public firm, Tianma, and ran right into a grey space in Chinese language authorities rules. This led to Xu sadly
being sanctioned by the China Securities Regulatory Fee.
Xu overcame this adversity and introduced his entrepreneurial spirit to america to assist his son Haohan launch his personal enterprise (Apifiny). Haohan, alongside along with his father’s help, later based Roxe, the place they aimed to rework the way forward for
digital funds in banking and eCommerce. Roxe’s quickly rising community allows customers to ship and obtain funds from 113 international locations world wide. Over the previous six months, the corporate has doubled its variety of world partnerships to over 44.
Xu has a powerful monitor report as a serial entrepreneur after founding a number of profitable firms and acquiring greater than ten patents within the know-how area. This led him to be acknowledged, together with Jack Ma, as one of many high ten newsmakers in China
and main entrepreneur by the Chinese language authorities. Xu has utilized his entrepreneurial skills and prowess to pay it ahead, giving funds to his highschool alma mater and sponsoring greater than a dozen college students of excellent character who attended prestigious
colleges resembling Harvard, Tsinghua and Peking College.