Fun

Payments Firm Bolt Scraps Deal to Acquire Crypto Company Wyre

News Feed - 2022-09-11 04:09:16

Payments Firm Bolt Scraps Deal to Acquire Crypto Company Wyre


California-based online payments company Bolt is pulling out of an agreement to buy crypto provider Wyre. The news of the scrapped deal, which was agreed to earlier this year, comes amid plunging valuations in the crypto and fintech sectors. Bolt Gives Up Plan for $1.5 Billion Wyre Acquisition


Bolt Financial, a U.S. technology company headquartered in San Francisco, said Friday it had scrapped a deal to buy crypto infrastructure provider Wyre Payments, Reuters reported on Saturday. A definitive agreement to acquire Wyre for a reported $1.5 billion was announced by the e-commerce platform in early April.


The deal was considered one of the largest crypto business acquisitions this year. After a funding round in January, Bolt was last valued at $11 billion. The report notes, however, that high tech valuations have since come under increased pressure as investor sentiment was hit by recession fears and negative developments in the equity markets.


Payments processor Stripe and fintech Klarna Bank have also taken significant valuation cuts, Reuters pointed out. Industry valuations have dropped significantly in the crypto sector as well during the market slump in the past months.


In a released statement, Bolt emphasized it will continue its partnership with Wyre. The online checkout firm elaborated that remaining independent would allow it to focus on its core areas of business. Company CEO Maju Kuruvilla was quoted as stating: We will continue our existing commercial partnership with Wyre to pave the path of crypto integration into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world.


Wyre offers blockchain-connected payment APIs and fiat-to-crypto onramps, foreign exchange, and cryptocurrency liquidity to users of various crypto projects. It was established in 2013 and like Bolt, which was founded a year later, is headquartered in San Francisco. Tags in this story Acquisition, Blockchain, Bolt, Crypto, crypto sector, Cryptocurrencies, Cryptocurrency, Deal, Fintech, fintech industry, Online Payments, purchase, Wyre


Do you expect other potential acquisition deals in the crypto and fintech space to be scrapped? Let us know in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. China to Crack Down on Copyright Infringement Through NFTs NEWS | 13 hours ago Russia’s Sberbank to Allow Users to Issue NFTs on Its Blockchain Platform NEWS | 17 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Christophe Jossic Previous articleEthereum Devs Successfully Complete Merge Shadow Fork With No ‘Client Incompatibility Issues’ Next articleBlockchain Gaming Publisher and Web3 Firm Animoca Brands Secures $110 Million Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

Vitalik Buterin shares the next steps for Ethereum Purge
Prashant Jha12 hours agoVitalik Buterin shares the next steps for Ethereum PurgeThe Purge will introduce history expiration via EIP-4444 to limit the amount of historical data stored.6124 Total views18 Total sharesListen
EU touts health benefits for children in the metaverse despite risks
Tristan Greene7 hours agoEU touts health benefits for children in the metaverse despite risksThe European Union’s in-house think tanks says the metaverse can help children heal from diseases.1161 Total views2 Total sha
It’s ‘clear’ the US government is going after Tether — Ripple CEO
Jesse Coghlan3 hours agoIt’s ‘clear’ the US government is going after Tether — Ripple CEOBrad Garlinghouse said he views Tether as an important part of the ecosystem and that its fate will be an “interesting on
Binance Tests AI-Infused NFT Platform Bicasso in Limited 10K Mint Run
Binance Tests AI-Infused NFT Platform Bicasso in Limited 10K Mint Run On Wednesday, Binance CEO Changpeng Zhao, also known as CZ, announced the launch of a new non-fungible token (
Bitcoin volatility hits 20-month high, traders hedge against further slump
Ciaran Lyons5 hours agoBitcoin volatility hits 20-month high, traders hedge against further slumpBitcoin’s volatility index reached its highest level in 20 months, but traders are unsure if there will be more pain ahea
Cup-And-Handle Pattern Signals Altseason Ready For Launch – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Polkadot’s Gavin Wood to Give Lecture Series as Part of UC Berkeley Blockchain Curriculum
Polkadot’s Gavin Wood to Give Lecture Series as Part of UC Berkeley Blockchain Curriculum University of California, Berkeley and Parity Technologies are joinin
Rich Dad Poor Dad’s Robert Kiyosaki Warns Inflation May Lead to Greater Depression
Rich Dad Poor Dad"s Robert Kiyosaki Warns Inflation May Lead to Greater Depression The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that th
TXSE ‘upstart’ stock exchange could become a crypto-friendly challenger
Andrew Singer10 hours agoTXSE ‘upstart’ stock exchange could become a crypto-friendly challengerWhile there are many challenges for a new stock exchange in the U.S., many observers are optimistic about what it could
4 Hottest Presales to Buy in January for Maximum Gains
Este artículo también está disponible en español. As a crypto investor, there are several reasons to be excited about the bullish momentum of the market in the coming mon
Why the Bitcoin halving matters for the future of decentralized finance
Savannah Fortis10 hours agoWhy the Bitcoin halving matters for the future of decentralized financeThe Bitcoin mining reward rate gets cut in half every four years, but this seemingly simple event carries with it deeply f
Bitcoin Investors Pocketed 42% in Gains During the Second Quarter of 2020
Bitcoin Investors Pocketed 42% in Gains During the Second Quarter of 2020The second quarter of 2020 was very profitable for bitcoin investors, according to data analytics firm Skew.