Bolt to purchase crypto startup Wyre for $1.5B
Payments FinTech Bolt Financial is buying crypto startup Wyre Payments in a dealt worth around $1.5 billion.
The companies said in a news release issued on April 7, "By joining forces, Bolt and Wyre will build commerce solutions for mainstream, secure cryptocurrency usage for millions of shoppers, retailers, and developers".
The deal will be finalized later this year. Wyre will help Bolt to develop its API offering by integrating its crypto stack. The companies say this will let developers "use the top blockchain protocols to build financial products that can scale to millions of users across the globe quickly and securely".
The purchase will give Bolt's customers access to several cryptocurrencies, fiat exchanges, and compliance solutions. On Bolt's network there are hundreds of retailers and they will also be able to accept cryptocurrencies, while Wyre's API will allow for the purchase of NFTs through Bolt.
"In a landscape filled with mediocrity, combining forces with Bolt to extend its robust CheckoutOS into cryptocurrency will set a new standard and provide new opportunities at a global scale", said Ioannis Giannaros, co-founder and CEO of Wyre. "Simply put, we want to allow every retailer to transact easily in cryptocurrency, removing long-standing barriers".
Bolt was founded in 2014 and provides payment software for online shopping websites, counting Forever 21 among its clients. Bolt is valued at around $11 billion.
San Francisco's based Wyre helps retail and business clients to exchange fiat money and cryptocurrencies between banks and crypto wallets, as well as with trading cryptocurrencies. The company has licences to transmit money in 27 states in the U.S.