Bolt Financial Inc., the financial technology supplier company cloud-based checkout and payment services, will acquire crypto payment company Wyre Payments Inc. for $1.5 billion. Bolt announced the acquisition on April 7; the Wall Street Journal confirmed the value of the acquisition.
The Bolt acquisition is among the largest in the cryptocurrency space and the largest not involving a Special Purpose Acquisition Companyor SPAC. It comes as interest in the cryptocurrency industry has hit new highs, with the total value of global cryptocurrencies more than tripling in 2021 alone.
key takeaways
- Payments fintech Bolt Financial Inc. will acquire crypto payments company Wyre Payments Inc. for $1.5 billion.
- The acquisition, which is the largest non-SPAC crypto acquisition to date, is expected to close in late 2022.
- Bolt is expected to integrate Wyre's crypto/fiat exchange services into its checkout and payment platform, which will enable merchants to accept crypto payments and allow customers to pay for goods with cryptocurrencies.
Bolt Expands Into Crypto Space
Wyre Payments provides exchange services to retail and commercial clients to enable the transfer of national currencies and digital tokens between crypto wallets and traditional banks. In a press release, Bolt explained that the acquisition aims to "simplify and democratize cryptocurrency transactions and bring the power of these technologies to... merchants and their consumers." Bolt can use Wyre fiat-to-crypto payments infrastructure to augment your own cryptocurrency transaction offerings. Eventually, Bolt customers are expected to be able to accept and make cryptocurrency payments for physical goods.
Bolt's clients include clothing retailers Forever 21, Juicy Couture and Lucky Brand, among others. The acquisition is expected to close by the end of the year.
What are Bolt Financial and Wyre payments?
Bolt Financial is a fintech startup that offers checkout and payment services for business customers and individual customers. Wyre Payments is a cryptocurrency payment service company that facilitates fiat-to-crypto transfers, among other exchanges.
Why did Bolt buy Wyre?
Bolt says that its acquisition of Wyre will allow its customers to accept cryptocurrency payments for physical goods and allow individual customers to pay for goods with cryptocurrencies.
What is the meaning of acquisition?
Bolt and other payment companies compete in a space crowded with fintech startups. This acquisition is among the largest crypto acquisitions in history and could help position Bolt as a leader in the rapidly growing crypto payments space.
