Bolt Financial Inc, an online payments provider, announced Thursday that it will buy cryptocurrency infrastructure provider Wyre Payments Inc to enable digital currency payments on its platform. According to a Wall Street Journal article earlier today, the acquisition price was $1.5 billion.
Bolt Plans To Acquire Wyre To Accelerate Widespread Cryptocurrency Adoption
Bolt, a leading payment and shopping network company, today said it has agreed to buy bitcoin infrastructure pioneer Wyre. The deal, which is expected to close later in 2022, comes amid growing demand for cryptocurrencies as a means of purchasing goods and services, as well as the potential for Web3. The partnership between Bolt and Wyre will allow millions of buyers, businesses and developers to use cryptocurrency securely.
Companies will be able to decentralize commerce and simplify digital purchases by integrating their technologies. Wyre’s APIs simplify and secure crypto-to-fiat conversions for developers and partners, reducing barriers to entry. 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 envisioned cryptocurrencies at the center when I prepared the draft business plan for Bolt,” said Ryan Breslow, the company’s creator and executive chairman. “It was 2015, and the concept was a slide deck pitch. It’s amazing to believe that seven years later, we would collaborate with Wyre to make this idea a reality. This acquisition will accelerate our efforts to democratize commerce while serving as an important proof point for the intersection of cryptocurrencies and commerce.
Bolt, based near San Francisco, was last valued at $11 billion after a fundraising in January. It acts as a payment gateway for online retailers and customers.
Clothing store Forever 21, Juicy Couture and Lucky Brand are among the company’s clients, and the company aims to complete 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 seen an increase in investor interest, with huge venture capitalists, celebrities, and blue chip companies all increasing their crypto holdings.
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