The news: One-click checkout provider Bolt acquired cryptocurrency startup Wyre Payments in a deal reportedly valued at $1.5 billion, people familiar with the matter told the Wall Street Journal.
More on this: Wyre offers several API solutions, including the ability to buy, sell, and hold cryptos; bank-supported crypto-to-fiat exchange; and crypto compliance services.
The deal’s rumored $1.5 billion valuation would make it one of the largest crypto acquisitions that did not involve a special purpose acquisition company (SPAC). The acquisition fulfills a long-term goal for Bolt—Ryan Breslow, Bolt’s founder and executive chairman, said cryptos have been part of Bolt’s vision since the company’s inception in 2015.
What it means: Bolt will use Wyre’s APIs to enable crypto capabilities for merchants and customers.
The bigger picture: Bolt might have acquired Wyre to stay fresh and innovative in a highly competitive market.
Fast, one of Bolt’s former competitors, shut down this week following financial and performance struggles. Even with Fast’s exit, Bolt is left to compete with payment titans like PayPal and Apple Pay, which both have strong adoption. Bolt can use Wyre to stand out in the one-click checkout space and increase merchant and customer acquisition.