Payments firm Bolt Scraps agrees to acquire cryptocurrency firm Wyre – Bitcoin News

Bolt, a California-based online payment company, is withdrawing an agreement to purchase cryptocurrency provider Wyre. News of the canceled deal, which was agreed earlier this year, comes amid falling valuations in the crypto and fintech sectors.

Bolt forgoes $ 1.5 billion plan to acquire Wyre

Bolt Financial, a US-based tech firm based in San Francisco, said on Friday it had canceled a deal to purchase cryptographic infrastructure provider Wyre Payments, Reuters reported on Saturday. A definitive agreement to acquire Wyre for $ 1.5 billion announced

from the e-commerce platform in early April.

The deal was considered one of the largest cryptocurrency 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 come under increasing pressure since then as investor sentiment was hit by recession fears and negative developments in equity markets.

Payment processor Stripe and fintech Klarna Bank also took significant valuation cuts, Reuters pointed out. Industry valuations have also dropped significantly in the cryptocurrency sector during the market crash in recent months.

In a statement released, Bolt stressed that he will continue his partnership with Wyre. The online payment company said staying independent would allow it to focus on its core business areas. Company CEO Maju Kuruvilla said:

We will continue our existing business partnership with Wyre to pave the way for the integration of cryptocurrencies into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world.

Wyre offers blockchain-linked payment APIs and ramps from fiat to cryptocurrency, foreign currency and cryptocurrency liquidity to users of various cryptocurrency projects. It was founded in 2013 and, like Bolt, founded a year later, is based in San Francisco.

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Acquisition, Blockchain, Bolt, Crypto, Crypto sector, Cryptocurrencies, Cryptocurrencies, 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 tech-savvy Eastern European journalist who likes Hitchens’ quote: “Being a writer is who I am rather than what I do.” In addition to cryptocurrencies, blockchain and fintech, international politics and economics are two other sources of inspiration.

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