Bolt, a payments and e-commerce startup, has paid $1.5 billion for cryptocurrency company Wyre.
The deal, which is expected to be finalised later in 2022, comes amid rising demand for cryptocurrencies as a means of acquiring products and services, as well as the potential of Web3. Bolt and Wyre’s collaboration will enable millions of buyers, businesses, and developers to use cryptocurrencies in a safe and secure manner.
The companies will collaborate to decentralise commerce by combining their technologies to improve and simplify digital shopping. Wyre’s APIs make crypto to fiat conversions simple and secure, lowering the barrier to entry for developers and partners. Once completed, the acquisition will extend the capabilities of Bolt’s CheckoutOS—one-click checkout, authentication, payments, and fraud protection—to the bitcoin ecosystem.
Bolt and Wyre plan to close the transaction and fully integrate before the end of the year. Bolt will team up with Wyre’s ground-breaking crypto infrastructure to safely convert bitcoin to fiat, allowing shops to accept cryptocurrency as a payment method while maintaining the security and convenience of traditional currencies. By integrating their unique crypto stack into Bolt’s broad API offering, Wyre will help to further improve the company’s extensive API offering. Developers will be able to leverage the most popular blockchain protocols to create financial solutions that can quickly and securely grow to millions of customers around the world.
With the popularity of Bitcoin growing, customers are looking for simple, jargon-free ways to convert and transact with it. By delivering an accessible and effective payments platform atop a worldwide multi-million person shopper network, Wyre and Bolt will let millions of individuals accomplish just that.
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