Bolt to Acquire Wyre for $1.5bn to Mainstream Crypto for Retailers

Bolt, a checkout and shopper experience company, has disclosed its plans to complete the acquisition of fiat-to-crypto payment infrastructure provider, Wyre, before the end of this year.

Bolt announced the definitive agreement for the acquisition of Wyre on Thursday in a press statement obtained by Finance Magnates.

According to Wall Street Journal's sources, the acquisition is valued at $1.5 billion.

In 2018, Wyre had acquired blockchain-based smart contract platform, Hedgy, to help lower the entry barriers into the regulated fiat world for fintech entrepreneurs by offering them compliant ports.

This time, Wyre is joining forces with Bolt to “build commerce solutions for mainstream, secure cryptocurrency usage for millions of shoppers, retailers and developers.”

The move comes amid growing demand for purchasing goods and services with cryptocurrency and the opportunities third-generation websites present, Bolt said in the statement.

Ryan Breslow, the Founder and Executive Chairman of Bolt, described the acquisition as the fulfilment of a long-time ambition.

Breslow said: “When I wrote the draft business plan for Bolt, I had always imagined cryptocurrency at its center. That was 2015, and the idea was a slide on a pitch deck. To think that seven years later, we'd be partnering with Wyre to make that vision a reality is incredible.

“This acquisition will fast-track our efforts to democratize commerce, and it will serve as a powerful proof point for the union of cryptocurrency and commerce."

Maju Kuruvilla, the Chief Executive Officer of Bolt, said the company was proud to bring onboard Wyre's unparalleled team and its advanced crypto stack into the Bolt ecosystem to mainstream crypto.

“This acquisition will pave the way for seamless, secure crypto transactions and non-fungible tokens (NFTs) enablement for our retailers. Both consumers and retailers will benefit from a friction-free buying experience that supports crypto and NFT natively,” Kuruvilla added.

On his part, Ioannis Giannaros, the Co-Founder and CEO of Wyre, said the merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term will make it possible for every retailer to transact easily in cryptocurrency while also removing long-standing barriers.

"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," Giannaros added.

Expected Benefits of the Merger

Under this acquisition, Wyre is expected to help develop Bolt's extensive API offering by integrating their unique crypto stack.

This, Bolt said in the statement, will allow developers to use the top blockchain protocols to build financial products that can scale to millions of users across the globe quickly and securely.

Once closed, integrations from the acquisition will allow tens of millions of shoppers in Bolt's network to easily access a multitude of cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, fiat exchanges and compliance solutions, the company said.

“It will be easier than ever before for consumers to purchase and store cryptos in what has historically been a difficult user journey,” Bolt added.