Bolt, an online checkout company, has revealed that it’s in the process of acquiring Wyre, a new system of payment that involves cryptocurrencies, before the year comes to an end. On 7th April, Bolt disclosed the strong consensus for the acquisition of Wyre in a press release. Based on the information gathered by Wall Street Journal, the acquisition of Wyre is worth $ 1.5 billion.
Wyre earlier acquired Hedgy, a blockchain-based platform for smart contracts, in 2018. Hedgy was used to assist the reduction of entry limitations into the regulated fiat world for fintech Investors by giving them compliant ports.
Wyre and Bolt are uniting to ” Establish Commerce Solutions for Mainstream, allow safe use of cryptocurrencies by all retailers, shoppers, and developers. According to Bolt, this new development stems from the increased demand for buying and selling goods and services with crypto and the modern-day website’s opportunities.
The Executive Chairperson and Co-founder of Bolt, Ryan Breslow, says that obtaining Wyre is an accomplishment of an age-long ambition.
According to Ryan: ” During the period when I was drafting the business plan for Bolt, crypto adoption was always coming up in my imagination for Bolt. That was back in 2015, and I let the idea slide. Seeing this idea from back then becoming a reality in our partnership with Wyre is phenomenal.
“Acquiring Wyre will facilitate our efforts to imbibe democracy in commerce and function as a shred of solid evidence that the integration of cryptocurrency and commerce is possible.
CEO of Bolt, Maju Kuruvilla, says that the company is delighted to work together with the Wyre team and their enhanced cryptocurrency stack in the Bolt Ecosystem.
In addition, Maju says that ” The acquisition of Wyre creates a means for our retailers to engage in secure crypto and NFT transactions. Consumers and Retailers will also experience frictionless buying, which supports cryptocurrencies and Non-Fungible Tokens (NFTs) natively.”
Ioannis Giannaros, the Chief Executive Officer and Co-founder of Wyre, said that the Merger would enable millions of retailers worldwide to engage in Cryptocurrency Transactions easily while also eliminating extended overdue limitations.
Giannaros went on to say that ” Uniting with Bolt in a mediocre populated landscape to expand its vast CheckoutOS into crypto will establish new standards and create profitable opportunities worldwide.
What To Expect From The Merger?
It’s expected of Wyre to assist Bolt in developing an extensive API offering by integrating their distinctive cryptocurrency stack. According to Bolt, this integration will enable developers to utilize the complete blockchain protocols to build financial assets that can quickly reach millions of users worldwide securely and quickly.
According to the company, after the deal is complete, Wyre acquisition integration will allow millions of shoppers in Bolt’s network to access a wide range of cryptocurrencies, compliance solutions, and fiat exchanges.
In addition, Bolt says that ” Consumers will now easily buy and store all kinds of crypto coins, in what has been previously a challenging user journey.”
