Reportedly, Bolta company focused on financial payments, is acquiring crypto payments startup Wyre for $1.5 billion.
Bolt is a payment company that Ryan Breslow founded in 2014. The company was primarily focused on providing one-click payment services. The company had raised almost $1.3 billion in venture capital and has a valuation of around $11 billion. The firm is based in San Francisco.
Wyre, also out of San Francisco, makes software that supports blockchain based payments.
The acquisition is one of the largest among those that do not involve any special purpose acquisition company.
Bolt will join Wyre’s innovative crypto infrastructure to securely convert crypto to fiat, enabling retailers to accept crypto as a payment method while maintaining the security and convenience of traditional currency.
Wyre will also help Bolt develop its extensive API offering by integrating Wyre’s unique crypto stack. This will allow developers to use the best blockchain protocols to build and develop products that can scale globally.
With the growing popularity of cryptocurrencies, customers are looking for easy ways to use, store and convert them. The collaboration of Wyre and Bolt will probably make this task easier.
“When I drafted the business plan for Bolt, I always envisioned cryptocurrency at its core,” founder and CEO Ryan Breslow said in the statement. That was in 2015.
Bolt and Wyre will take over the payments sector
The acquisition is anticipated to close later in 2022. The joint attempt to take over the payments sector comes amid growing demand for buying goods and services with cryptocurrencies and the web3 opportunity.
Bolt and Wyre plan to create a better experience to ensure the cryptocurrency payments for millions of people.
The purchase will extend the capabilities of Bolt’s CheckoutOS (one-click checkout, authentication, payments, and fraud protection) to the bitcoin ecosystem upon completion.
Bolt and Wyre intend to complete the transaction and fully integrate before the end of the year.