May 14, 2022
  • May 14, 2022

Payments firm Bolt is buying Wyre in cryptocurrency push

By on April 7, 2022 0

Representation of the Bitcoin cryptocurrency is shown on a keyboard in front of binary code in this illustration taken September 24, 2021. REUTERS/Dado Ruvic/Illustration

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April 7 (Reuters) – Online payments firm Bolt Financial Inc said on Thursday it was buying cryptocurrency infrastructure provider Wyre Payments Inc in a bid to enable digital currency payments on its platform.

The company did not disclose terms of the deal, but a Wall Street Journal report earlier today said it was valued at $1.5 billion. (https://on.wsj.com/3xeWbhE)

San Francisco-based Bolt was last valued at $11 billion after a January funding round. It provides online retailers and shoppers with payment service for payments.

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The company, which counts clothing retailers Forever 21, Juicy Couture and Lucky Brand among its customers, expects to close the deal by the end of the year.

Founded in 2013, Wyre provides payment infrastructure for cryptocurrencies.

Since last year, the crypto market has seen a resurgence in investor interest with major venture capitalists, celebrities, and blue-chip corporations doubling down on their crypto investments.

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Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath

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