Fintech Firm Bolt Acquires Crypto Startup Wyre for $1.5B

It is worth $1.5 billion and it is the largest acquisition in the sector without a special purpose acquisitions company (SPAC).

Over the last year, crypto mergers and acquisitions have increased dramatically. In the first quarter 2022, there were $1.25 Billion worth of transactions. According to Wall Street Journal, this latest deal will increase activity to surpass the $4.9 billion in crypto related M&A in 2021.

Payment Firms Want Crypto

Bolt was founded in 2014 and operates in the online-payments sector with a “one click checkout” service called “CheckoutOS” for merchants.

Wyre offers services to retail and business customers for crypto assets and currencies exchange between wallets and banks, as well as a digital asset trading platform.

Bolt and Wyre will work together to create new payment channels for mainstream customers, including cryptocurrency. Wyre CEO Yanni Giannaros stated:

“Today we are making history by joining forces to revolutionize the way people interact with crypto and commerce… In simple words, we want every retailer to be able to transact in cryptocurrency easily, eliminating long-standing barriers.”

He stated that the firm was committed to providing its builders and partners with the infrastructure and tools needed to create “powerful crypto experiences”.

Ryan Breslow, Bolt’s founder, added his voice to the sentiment by stating that “when I wrote the Bolt business plan, I had always pictured cryptocurrency at its core.”

Bolt will be able to sell NFTs via Wyre APIs. Wyre is also used in Apple Pay, which recently integrated with MetaMask to make crypto payments.

Wyre partnered last year with the Polygon Ethereum scaling protocol in order to offer a fiat/USDC on-ramp.

Shopify and Strike Team Up

Strike has partnered up with Shopify, an e-commerce company. This partnership will allow U.S. merchants worldwide payments in Bitcoin and cash out USD.

Strike uses Lightning Network to make BTC payments. Transactions are much quicker and more affordable than native Bitcoin.

At the Miami Bitcoin event, Jack Mallers, Strike CEO, stated that the payments industry had been in decline for 50 years and that it was time to change it with crypto payments.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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