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With the acquisition of Wyre, Bolt joins the crypto and NFT sectors

Naris - Cryptocurrency Enthusiast

  • Bolt has achieved a formal deal to purchase Wyre, a pioneering cryptocurrency infrastructure provider, according to a joint announcement made on Thursday.
  • The acquisition coincides with an increase in demand for purchasing products and services using cryptocurrencies, as well as Web3 potential

Wyre is a blockchain-based payments company, whereas Bolt provides online services. Before the end of the year, they both want to complete the acquisition and completely integrate. Once finalised, the purchase will provide the bitcoin ecosystem the capabilities of Bolt's CheckoutOS (one-click checkout), authentication, payments and fraud prevention.

Bolt and Wyre hope to develop commerce solutions for mainstream users as a result of their relationship. Millions of buyers, businesses and developers will be able to use cryptocurrencies safely.

The transaction was claimed to have cost Bolt $1.5 billion by the Wall Street Journal, although Bolt has not commented on the price.

The partnership's main purpose is to enable decentralised commerce by allowing Bolt's customers to pay for things using digital currencies while also giving merchants with the ability to accept crypto. Users will be able to purchase NFTs via Bolt's platform and Wyre's APIs.

The purchase of Wyre, according to Bolt founder and executive chairman Ryan Breslow, is in keeping with the company's long-term goals, saying, "When I produced the original business plan for Bolt, I had always seen bitcoin at its core [...] In 2015, the concept was a slide in a pitch deck. It's astounding to believe that seven years later, we'd be collaborating with Wyre to make that idea a reality. This purchase will help us accelerate our efforts to democratise commerce by serving as a significant proof point for the intersection of bitcoin and commerce.”

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