E-commerce checkout fintech Bolt to acquire crypto infrastructure provider Wyre as company seeks to ‘decentralize and democratize commerce’ by integrating Wyre’s crypto stack, giving developers blockchain protocols to build crypto products financial.
The Wall Street Journal reports that the deal, which is expected to close later this year, is valued at around $1.5 billion.
“This acquisition will accelerate our efforts to democratize commerce — and serve as powerful evidence for the union of cryptocurrency and commerce,” said Bolt Executive Chairman Ryan Breslow.
Wyre’s APIs will be used to enable simple and secure crypto-fiat experiences that lower the barrier to entry for developers and make it easier for retailers to accept cryptocurrency as a method of payment.
Bolt CEO Maju Kuruvilla said the acquisition will “enhance the shopping experience” online, with “seamless and secure crypto transactions and NFT enablement for our retailers.”
Wyre CEO and Co-Founder Ioannis Giannaros says, “Put simply, we want to make it easy for every retailer to transact in cryptocurrency, removing long-standing barriers.”
Crypto paytech Wyre has “introduced” over 15 million end users to the crypto ecosystem and processed over $10 billion in payments since its inception in 2013.