Bolt Joins Crypto World With $1.5 Billion Wyre Acquisition

• Payment company, Bolt announced that it has acquired crypto-focused Wyre in a $1.5 billion deal

• The new acquisition indicates that the company plans to introduce a service that will allow merchants to offer online cryptocurrency payments

• The deal is set to go through an approval process before the platform adds the crypto payment option later this year

Bolt is set to introduce cryptocurrency payments for users, after completing the world’s biggest crypto acquisition. Hold on! Not the ride-hailing company, but the American payment service.

The payment company which offers similar services to PayPal, announced on Thursday that it had acquired crypto-service provider, Wyre.

Although both companies did not confirm the value of the acquisition, Wall Street Journal has put the price tag at $1.5 billion. The news outlet also confirmed that the deal will consist of a mix of cash and stock.

Wall Street Journal also cited research that confirmed the deal as the biggest cryptocurrency acquisition to date.

The Chief Executive Officer of the company, Maju Kuruvilla predicted that crypto payments will become more popular with merchants. This is as Bolt claimed that cryptocurrency shoppers spend twice as much as people using credit cards, and the opportunity to pay in crypto attracts new customers.

Read also: Cash App Rolls Out Payment in Bitcoin and Lighting Network for Crypto

Kuruvilla went on to say that current cryptocurrency check-outs are “high friction” experiences, and the company was going to make crypto easier for merchants.

While the deal was signed between Bolt and Wyre on Wednesday, it is expected to go through a lengthy approval process, meaning that the payment option will only become available later this year.

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