Baisakhi MishraBolt Financial Inc, a provider of online payments, announced Thursday that it will purchase cryptocurrency infrastructure provider Wyre Payments Inc in order to enable digital currency payments on its platform. According to a Wall Street Journal piece earlier in the day, the acquisition price was $1.5 billion.
Bolt plans to acquire Wyre to accelerate the mainstream adoption of cryptocurrency
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Bolt, a leading checkout and shopper network company, said today that it has agreed to buy Wyre, a bitcoin infrastructure pioneer. The agreement, which is anticipated to be completed later in 2022, comes amid growing demand for cryptocurrencies as a means of purchasing goods and services, as well as Web3’s potential. The partnership between Bolt and Wyre will allow millions of buyers, businesses, and developers to use cryptocurrency safely and securely.
The companies will be able to decentralize commerce and simplify digital shopping by integrating their technologies. Wyre’s APIs make crypto-to-fiat conversions simple and secure for developers and partners, lowering entry barriers. Bolt and Wyre hope to complete the acquisition and integration by the end of the year.
“This acquisition is the culmination of a long-held dream. “I had always pictured cryptocurrencies at its centre when I prepared the draught business plan for Bolt,” said Ryan Breslow, the company’s creator and executive chairman. “It was 2015, and the concept was a pitch deck slide. It’s incredible to believe that seven years later, we’d be collaborating with Wyre to make that idea a reality. This acquisition will accelerate our efforts to democratize commerce while also serving as a significant proof point for the intersection of cryptocurrencies and commerce.”
Bolt, based near San Francisco, was last valued at $11 billion following a fundraising round in January. It acts as a payment gateway for both online retailers and customers.
The apparel shop Forever 21, Juicy Couture, and Lucky Brand are among the company’s customers, and it intends to conclude the acquisition by the end of the year.
Wyre, which was founded in 2013, provides cryptocurrency payment infrastructure. Since last year, the crypto market has experienced a rise in investor interest, with huge venture capital firms, celebrities, and blue-chip corporations all increasing their crypto holdings.
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