Bolt to enable Bitcoin and NFT access via Wyre acquisition

San Francisco-based e-commerce startup Bolt is moving into cryptocurrencies and non-fungible tokens (NFTs) by acquiring fiat-to-crypto and payment infrastructure firm Wyre.

According to a joint announcement Thursday, Bolt has reached definitive agreement to acquire Wyre, with the goal of closing the deal later in 2022.

According to a report in The Wall Street Journal, the acquisition cost Bolt $1.5 billion. Bolt did not directly confirm or deny the size of the deal to Cointelegraph.

Bolt and Wyre now plan to work together to create new trading solutions for the mainstream, including the use of crypto by global Bolt traders, retailers, buyers and developers. Bolt and Wyre hope to fully integrate their services before the end of the year, adding Bolt's payment system, CheckoutOS, to the cryptocurrency ecosystem.

With the ultimate goal of enabling decentralized commerce, the collaboration aims to enable Bolt consumers to pay for goods with cryptocurrencies such as Bitcoin (BTC), while also providing merchants with tools to accept crypto. The acquisition is also intended to allow users to purchase NFTs through Bolt's platform via Wyre's APIs.

According to Bolt founder and CEO Ryan Breslow, the acquisition of Wyre has fulfilled his long-standing ambition. “When I drafted the business plan for Bolt, I always envisioned cryptocurrency at its core,” he said, adding:

“That was in 2015, and the idea was a slide on a launch pad. To think that seven years later, we would partner with Wyre to make that vision a reality is incredible. This acquisition will accelerate our efforts to democratize commerce and serve as a powerful proof point for the union of cryptocurrencies and commerce."

Wyre co-founder and CEO Ioannis Giannaros said the collaboration will set a "new standard and bring new opportunities on a global scale." “Simply put, we want to enable all retailers to easily transact in cryptocurrencies, removing long-standing barriers,” Giannaros added.

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Founded in 2013, Wyre is a crypto-friendly payment company that focuses on blockchain implementations to facilitate cross-border payments. Bolt, founded in 2014 by Ryan Breslow, specializes in online payments with a focus on what he calls a one-click payment service for merchants.