Bolt, a one-click checkout software firm, has agreed to buy cryptocurrency payments startup Wyre for a whopping $1.5 billion, the Wall Street reported Thursday, citing sources familiar with the matter.
The deal, which is expected to close by the end of this year, will see Bolt merging cryptocurrencies into its host of services, including one-click checkout, authentication, payments, and fraud protection. The company also plans to allow NFT purchases via Wyre's APIs.
Through this acquisition, Bolt will integrate crypto payments into its solutions as more users seek to purchase goods and services via digital assets. A recent survey conducted by Investopedia revealed that at least 1 in 4 Gen Z, Millennials, and Gen X have invested in cryptocurrencies in the United States.
Based in San Francisco, Bolt is an e-commerce startup founded in 2014 that provides one-click checkout without the need for passwords, forms, or payment details. The company raised $355 million in January this year, which took the company's valuation to $11 billion.
Maju Kuruvilla, CEO of Bolt, said in the press release:
“This acquisition will pave the way for seamless, secure crypto transactions, and NFT enablement for our retailers. Both consumers and retailers will benefit from a friction-free buying experience that supports crypto and NFT natively.”
Neither party has confirmed the acquisition price reported by The Wall Street Journal. Per the report, the consolidation would be the largest one seen in the crypto sector that does not involve a SPAC merger.
Payments firm Bolt to acquire Wyre in $1.5B deal Our Bitcoin News.