Global payment provider, Bolt Financial, disclosed a definitive agreement with Wyre to acquire the crypto startup for $1.5 billion.
One of the Biggest Crypto Firm Acquisitions
In a press release dated April 8th, e-commerce platform Bolt announced it had reached an agreement with Wyre to purchase the crypto startup. However, the exact terms of the deal were not revealed.
Sources familiar with the matter revealed that the acquisition was completed for roughly $1.5 billion, making it one of the biggest crypto firm acquisitions in 2022.
According to data from Dealogic, the acquisition represents the largest merger in cryptoverse history that did not involve a Special-Purpose Acquisition Company (SPAC) or a blank cheque.
Bolt Aims to Decentralize Commerce
As per the official press release, Bolt and Wyre are expected to “close the transaction and fully integrate before the end of the year.”
Through the integration, hundreds of Bolt retailers will gain access to cryptocurrencies for the purchase of goods and services. The release added that:
“The acquisition will bring the power of Bolt’s CheckoutOS—one-click checkout, authentication, payments, and fraud protection—to the cryptocurrency ecosystem.”
Bolt revealed that the merger will see the two companies work together to “decentralize commerce” and “simplify digital shopping.”
On The Flipside
- Experts have opined that the uncertain regulatory environment could continue to stifle the development and adoption of crypto.
Why You Should Care
The Bolt – Wyre merger will see millions of Bolt network shoppers gain access to various digital currency options.