Shopper Platform Bolt acquires Wyre to “decentralize e-commerce” in a $1.5 billion deal

Key Takeaways:

  • Bolt Financial Inc, an online checkout firm, is acquiring cryptocurrency infrastructure provider Wyre Payments Inc.
  • The acquisition will deregulate commerce and facilitate digital shopping.
  • The deal was closed at $1.5 Billion, further details were not disclosed.

With the surge in crypto investments, people are seeing the growing utility of these digital assets and many companies are planning on integrating a gateway to have customers pay via crypto for goods and services. 

Bolt Financial Inc, an online checkout firm, announced on Thursday that it is acquiring cryptocurrency infrastructure provider Wyre Payments Inc to facilitate digital-currency payments on its platform.

The terms of the purchase were not disclosed, but a Wall Street Journal article earlier in the day stated it was for $1.5 billion.

The aims of the acquisition are to “deregulate commerce” and “facilitate digital shopping,” according to the release. It will extend the capabilities of Bolt’s CheckoutOS—one-click checkout, authentication, payments, and fraud protection—to the bitcoin ecosystem once completed, according to both Bolt and Wyre.

The collaboration, according to Ioannis Giannaros, co-founder and CEO of Wyre, will create a “new standard and provide new prospects on a worldwide scale.” “Simply put,” he continued, “we want to make it easy for every retailer to transact with cryptocurrency, removing long-standing restrictions.”

According to Bolt management, the agreement will provide access to a variety of digital currencies to millions of Bolt network shoppers. “Hundreds of retailers” can now take crypto assets as payment for products and services, according to Bolt. Bolt users will also be able to buy non-fungible tokens (NFTs) using Wyre’s APIs.

Wyre is a crypto-friendly payments company specializing in blockchain implementations to simplify cross-border payments. It was founded in 2013. Bolt, which was launched in 2014 by Ryan Breslow, specializes in online payments and offers merchants a “one-click checkout” solution.

Vidhi Narula
Vidhi Narula

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