Bolt Financial Acquires Wyre for $1.5 Billion to “Decentralize Commerce”

The global payment provider, Bolt Financial, has revealed a definitive agreement with Wyre to acquire the crypto startup for $1.5 billion.

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. 

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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:

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“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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia