Industry-first one-click cryptocurrency payment will democratize global commerce for millions of merchants and buyers.
MIAMI, April 7, 2022 /PRNewswire/ — Bolt, a leading payment and shopping network company, today announced its definitive agreement to acquire Wyre, a breakthrough cryptocurrency infrastructure provider. The acquisition, which is expected to close later in 2022, comes amid growing demand for buying goods and services with cryptocurrency and the opportunity of Web3. By joining forces, Bolt and Wyre will create commerce solutions for everyday and secure use of cryptocurrency for millions of buyers, retailers and developers.
Together, the companies will decentralize commerce by uniting their technologies to evolve and simplify digital shopping. Wyre’s APIs enable simple and secure crypto-to-fiat experiences that lower the barrier to entry faced by developers and partners. Bolt and Wyre expect to complete the transaction and fully integrate it before the end of the year. When complete, the acquisition will bring the power of Bolt’s CheckoutOS – one-click checkout, authentication, payments and fraud protection – to the cryptocurrency ecosystem. Bolt will partner with Wyre’s breakthrough crypto infrastructure to securely exchange crypto for fiat, enabling retailers to accept cryptocurrency as a method of payment, with the security and ease of traditional currency.
“This acquisition is the realization of a long-standing ambition. When I wrote Bolt’s draft business plan, I had always envisioned cryptocurrency at its core,” said Ryan Breslow, founder and executive chairman of Bolt. “It was 2015, and the idea was a slide on a pitch deck. To think that seven years later we would partner with Wyre to make that vision a reality is incredible. This acquisition will accelerate our efforts to democratize commerce. — and it will serve as powerful evidence for the union of cryptocurrency and commerce.”
“Our merchant and retail partners expect us to always innovate on their behalf, because their customers demand it. That’s why it’s such a pleasure to announce this acquisition, which is another step Bolt has taken to improve the shopping experience,” said Maju Kuruvilla, CEO of Bolt. “This acquisition will pave the way for seamless and secure crypto transactions and NFT enablement for our retailers. Consumers and retailers will benefit from a frictionless shopping experience that natively supports crypto and NFT. We are also proud to bring the unrivaled Wyre team and its advanced crypto stack into the Bolt ecosystem, and we are excited about our shared mission to bring crypto to the mainstream.”
“In a landscape filled with mediocrity, combining forces with Bolt to extend its robust CheckoutOS to cryptocurrency will set a new standard and provide new opportunities globally,” said Ioannis Giannaros, co-founder and CEO of Wyre. “Simply put, we want to make it easy for every retailer to transact in cryptocurrency, removing long-standing barriers.”
Wyre will help further develop Bolt’s extensive API offering by integrating its unique cryptographic stack. This will allow developers to use the best blockchain protocols to create financial products that can quickly and securely scale to millions of users around the world.
Among other benefits, once completed, the transaction will also:
- Tens of millions of buyers in Bolt’s network have easy access to a host of cryptocurrencies, fiat exchanges, and compliance solutions. It will be easier than ever for consumers to buy and store crypto in what has always been a difficult user journey.
- Bolt’s hundreds of retailers accept cryptocurrency, and consumers will be able to use it as payment for physical goods.
- Purchasing NFT through Bolt, using Wyre’s APIs.
With the growing use of cryptocurrency, consumers are looking for simple, jargon-free ways to convert currencies and transact with them. With this acquisition, Wyre and Bolt will help millions of people do just that, providing an accessible and efficient payment platform on top of a multimillion-strong global shopper network.
Bolt is on a mission to democratize commerce. Bolt strengthens retailers’ relationships with their customers by unlocking secure, connected and lightning-fast payments. The company’s rapidly growing network of one-click-pay shoppers visit Bolt merchants as if they were loyal customers. Hundreds of retailers use Bolt to give their customers the seamless checkout experiences they expect. Founded in 2014, Bolt is headquartered in San Francisco and has offices in New York City, Salt Lake City, Seattle, Toronto, stockholmWrocław and Barcelona. For more information, visit bolt.com and follow @lock on Twitter.
Wyre is the leading fiat-to-crypto payments and payment infrastructure company for the crypto ecosystem. Focusing on developers, the company provides easy-to-integrate APIs that enable thousands of developers to bring crypto to the masses. The company has “accelerated” more than 15 million end users to its partners and processed more than $10 billion in payments since inception. Wyre’s flagship product, Checkout, is the world’s fastest fiat-to-crypto gateway and has helped hundreds of crypto apps better reach their customers. Wyre has been involved in the crypto space since 2013, supporting clients in over 100 countries around the world and equipping them with blockchain technology, ensuring the move to Web 3.0 is as smooth as possible. For more information, please visit www.sendwyre.com.
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Bolt To Acquire Wyre, Accelerating Widespread Cryptocurrency Adoption
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