Bolt announced that it has agreed to purchase Wyre, a pioneering cryptocurrency infrastructure provider.

This acquisition is made amid growing interest in cryptocurrency and the potential of Web3.

Bolt offers online services, while Wyre provides blockchain-based payments. Each party plans to close the deal and integrate fully before the end. After the acquisition is closed, the acquired company will be able to offer the full power of Bolt’s CheckoutOS, authentication, payments and fraud protection for the cryptocurrency ecosystem.

Bolt and Wyre have partnered to develop commerce solutions for mainstream users and secure cryptocurrency usage for millions.

Bolt’s acquisition was valued at $1.5 Billion according to the Wall Street Journal. Bolt however has not commented directly about the transaction’s value.

With the sole aim of enabling decentralized commerce, the partnership will permit Bolt’s consumers to pay for goods with digital currencies while providing merchants with the tools to accept crypto. It also aims to allow users to buy NFTs through Bolt’s platform and Wyre’s APIs.

Bolt founder and executive chairman Ryan Breslow opined that the acquisition of Wyre is in line with the firm’s long-time ambition, adding that:

Bolt was always my vision when I created the Bolt business plan. […]That was 2015. The idea had been a slide in a pitch deck. It’s amazing to think that, seven years later we would be working with Wyre in order to realize that dream. It will speed up our efforts at democratizing commerce, as well as serve to be a powerful proof of concept for the union between cryptocurrency and commerce.

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