US E-commerce Platform Bolt has Bought the Crypto Payment Service Wyre

US E-commerce Platform Bolt has Bought the Crypto Payment Service Wyre
  • bitcoinBitcoin (BTC) $ 29,770.00 0.19%
  • ethereumEthereum (ETH) $ 2,019.21 0.75%
  • tetherTether (USDT) $ 1.00 0.08%
  • usd-coinUSD Coin (USDC) $ 1.00 0.02%
  • binance-coinBNB (BNB) $ 294.49 0.28%
  • xrpXRP (XRP) $ 0.418945 0.78%
  • cardanoCardano (ADA) $ 0.565071 4.41%
  • solanaSolana (SOL) $ 53.59 4.11%
  • binance-usdBinance USD (BUSD) $ 1.00 0.1%
  • polkadotPolkadot (DOT) $ 10.87 1.06%
BUsiness

US E-commerce Platform Bolt has Bought the Crypto Payment Service Wyre

The well-known US e-commerce platform Bolt has purchased the crypto payment provider Wyre in a billion-dollar deal.

05/11/2022

The well-known US e-commerce platform Bolt has purchased the crypto payment provider Wyre in a billion-dollar deal. With the founder of the Australian start-up reaching the Young Rich List after the Silicon Valley transaction earned him more than A$260 million.

On May 5, Bolt announced the acquisition of ‘Wyre’ for an estimated US$1.5 billion, netting the later business’s Australian Founder, Michael Dunworth, an estimated A$ 267 million in exchange for turning over his 12.5 percent stake in the company.

Secure, Regulated Crypto-to-Fiat Payments

Wyre leverages blockchain technology to provide merchants with quick cross-border payments. The company also sells a crypto-based payments application programming interface (API). It enables businesses to connect directly to a safe, regulated crypto-to-fiat payment infrastructure, Crypto News Australia reported.

“This acquisition will pave the road for our retailers to conduct seamless, safe crypto transactions and use NFT,” said Maju Kuruvilla, CEO of Bolt.

Growing demand for purchasing goods and services with cryptocurrency

According to the press release from Bolt, the acquisition was made due to “growing demand for purchasing goods and services with cryptocurrency and the opportunity of Web3,” according to a press release from Bolt. Wyre’s API will assist in lowering the obstacles to using cryptocurrency for payments from the several list of Bolt’s shops.

In an interview, Bolt CEO Maju Kuruvilla noted that he expects the connection will encourage crypto acceptance by providing additional functionality for “every crypto asset, every chain, to every merchant, regardless of any shopping platform.”

The newly added crypto functionality is expected to be fully integrated by the end of the year. Once completed, the acquisition will bring the power of Bolt’s CheckoutOS – its one-click checkout service that aids in authentication, payments, and fraud protection – to the cryptocurrency ecosystem.

“This acquisition fulfills a long-held dream.” “When I was writing the draft business plan for Bolt, I always saw cryptocurrency at its heart,” said Ryan Breslow, Bolt’s founder and executive chairman.
Another Australian blockchain startup, Lygon, recently secured more than A$12 million in funding for the ‘Big Four’ Australian banks and IBM collaboration to create the first digital bank guarantee.

By Elah Mae Ariate Wozinga Staff

Do you agree with the acquisition of the crypto payment service, Wyre?

Created with Perfect Survey

Statistics - View the results

Leave a Reply

Your email address will not be published.

Open chat
Need Help?
Hell!
Can we help you?