Bolt Buys Crypto Startup Wyre For $1.5B

Online checkout company Bolt Financial Inc said on Thursday it is buying cryptocurrency infrastructure provider Wyre Payments Inc in a bid to enable digital-currency payments on its platform.

The company did not disclose the terms of the deal, but a Wall Street Journal report earlier in the day said it was valued at $1.5 billion.

San Francisco-based Bolt was last valued at $11 billion after a funding round in January. It provides online retailers and shoppers a checkout service for payments, boasting simplified processes including one-click purchases for online sales.

The company, which counts apparel retailers Forever 21, Juicy Couture and Lucky Brand among its customers, expects to close the deal by the end of the year. The purchase would give Bolt’s retailers access to various cryptocurrencies and enable NFT transactions on the network.

Read More: Crypto Needs Common Sense Financial Regulation – Suggestions for 2022

Founded in 2013, Wyre provides payments infrastructure for cryptocurrencies, including exchanging fiat currencies for cryptocurrencies and wallet management services, operating in 27 US states.

Since last year, the crypto market has seen a surge of investor interest with large venture investors, celebrities and blue-chip companies doubling down on crypto investments. The rising popularity of these digital assets has also increased calls for regulation and closer scrutiny of transactions involving crypto assets.

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