Bolt drops $1.5 billion deal to acquire crypto firm Wyre

The main American online payment company, Bolt Financial Inc, has announcement that it is not moving forward with the $1.5 billion deal to buy crypto infrastructure provider Wyre Payments.

In April, the company said it would acquire Wyre amid growing demand for buying goods and services with cryptocurrency and the opportunity of Web3.

After the acquisition, the two companies were expected to create business solutions for secure, consumer use of cryptocurrency for millions of buyers, retailers, and developers.

Also Read: This Analyst Believes Bitcoin and Ethereum Will Soon Hit an All-Time High: Here’s Why

However, Bolt said he would continue his partnership with Wyre and that remaining independent would allow him to focus on his core areas.

“We will continue our existing business partnership with Wyre to pave the way for the integration of crypto into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world,” Bolt’s CEO was quoted by Reuters as saying. Maju Kuruvilla saying.

Established in 2013, Wyre offers users blockchain-connected payment APIs and fiat-to-crypto gateways, cryptocurrency currencies and liquidity.

After a funding round in January, Bolt was last valued at $11 billion.

Photo: Rawpixel Ltd on flickr