Bolt, an online checkout company based in the United States, has withdrawn from its deal to buy Wyre, a crypto-infrastructure provider.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.