Bolt to acquire crypto API provider Wyre in push to “democratise commerce”
E-commerce checkout fintech Bolt is to acquire crypto infrastructure provider Wyre as the firm looks to “decentralise and democratise commerce” through integrating Wyre’s crypto stack, giving developers blockchain protocols to build financial crypto products.
The Wall Street Journal reports that the deal, set to close later this year, is valued at around $1.5 billion.
“This acquisition will fast-track our efforts to democratise commerce — and it will serve as a powerful proof point for the union of cryptocurrency and commerce,” says Bolt executive chair Ryan Breslow.
Wyre’s APIs will be utilised to enable straightforward and secure crypto-to-fiat experiences that reduce the barrier to entry for developers and make it easier for retailers to accept cryptocurrency as a payment method.
Bolt CEO Maju Kuruvilla says the acquisition will “improve the buying experience” online, with “seamless, secure crypto transactions, and NFT enablement for our retailers”.
Wyre CEO and co-founder Ioannis Giannaros says: “Simply put, we want to allow every retailer to transact easily in cryptocurrency, removing long-standing barriers.”
Crypto paytech Wyre has “on-ramped” more than 15 million end users on to the crypto ecosystem and has processed more than $10 billion in payments since its inception in 2013.