Bolt pulls out of $1.5 Billion Deal to Buy Crypto Platform Wyre

Share post:

Bolt, an online checkout company based in the United States, has withdrawn from its deal to buy Wyre, a crypto-infrastructure provider. News of the terminated deal, which was agreed earlier this year, comes at a time when crypto and fintech valuations are plummeting.

Bolt said in a statement that it will continue to work with Wyre, and that the online checkout company will continue to focus on its core competencies.

“We will continue our existing commercial partnership with Wyre to pave the path of crypto integration into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world,” said company CEO Maju Kuruvilla.

Wyre provides blockchain-linked payment APIs and fiat-to-crypto-onramps, foreign exchange, and cryptocurrency liquidity to users of various crypto projects.

Bolt and Wyre reached a $1.5 billion binding agreement in early April, and it was considered one of the largest cryptocurrency acquisitions of the year. However, as investor sentiment has been affected by recession fears and adverse stock market developments, high-tech valuations have come under increasing pressure.

The Sources for this piece include an article in Reuters.

SUBSCRIBE NOW

Related articles

How your smart TV is watching you. Hashtag Trending for Monday, June 17th, 2024

Hashtag Trending is brought you with the generous sponsorship of Zoho Canada. We thank them for making it...

London hospitals cancel over 800 operations after ransomware attack

NHS England disclosed today that a recent ransomware attack on Synnovis has led to the cancellation of hundreds...

Microsoft cancels universal Recall release in favor of Windows Insider preview

Microsoft has decided to cancel the wide release of Recall, the controversial tool for Copilot+ PCs, and instead...

OpenAI’s revenue soars with subscription-based ChatGPT and developer integrations

There are reports that OpenAI has been been experiencing impressive financial growth. The Information reported that the company's...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways