Shopper Network Company concludes $ 1.5 billion to the crypto infrastructure provider Wyre

Shopper Network Company concludes $ 1.5 billion to the crypto infrastructure provider Wyre

The shopper network company Bolt wants to take over the infrastructure provider for cryptocurrencies, Wyre. The combined company will endeavor to enable each retailer the simple handling of transactions with cryptocurrencies.

The deal, which is to be completed this year, comes in the middle of the growing demand for the purchase of goods and services with crypto and the possibility of web3, the company said in a statement on Thursday.

The takeover has a value of around $ 1.5 billion, with the matter of familiar sources of block works, which makes it one of the greatest crypto fusions in which no spAc (Special Purpose Acquisition Company) is involved). It surpasses the planned purchase of the institutional cryptoplatt form Bitgo from Galaxy Digital in the amount of $ 1.2 billion that has not yet been completed.

Bolt was founded in 2014 and enables millions of buyers in his network to pay with a click, and at the same time offers authentication and fraud protection. Hundreds of retailers use Bolt to offer their customers a faster experience.

The flagship product of Wyre, which has been working in the cryptor room since 2013, is his fiat to-crypto gateway. The company has forwarded around 15 million end users to its partners and processed payments of more than $ 10 billion.

Together, bolt and wyre To develop trade solutions and to secure crypto use for millions of buyers, retailers and developers.

According to Maju Kuruvilla, CEO of Bolt, the integration of crypto into the one-click-checkout infrastructure from Bolt has always been a central component of his vision.

approximately 40 % of the crypto -paying customers are brand new for these companies, and they usually give almost twice as much as normal credit card users, he added.

"More and more companies are recognizing the urgent need to simplify the crypto merchant experience, since cryptocurrencies are becoming increasingly popular and web3 promises to become a new cornerstone of the future," said Kuruvilla Blockworks in an email. "These possibilities and trends will continue to grow, and the partnership between Bolt and Wyre sends a strong signal that we plan to be leading on the market of tomorrow."

Bolt will be able to certainly exchange crypto for Fiat, so that retailers can accept Krypto as a payment method. Bolt users can also buy NFTs via the Wyre user interface.

"We want to enable every retailer to act easily in cryptocurrency and eliminate long-term obstacles," said Wyre-CEO Ioannis Giannaros in a statement.

The crypto fusion and takeover landscape

BOLTS Purchase of Wyre emphasizes blockchain payments as a critical component of the crypto ecosystem, according to Ryan McCulloch, Associate at the Advice Firma Architect Partners for Fusions and takeover (M&A).

"While practical timing and implementation of the blockchain payment infrastructure remain unclear, it is clear that this will be a core component of the new financial system," he told Blockworks.

In the past 12 months old payment providers have made significant acquisitions to ensure that they can take this opportunity, added McCulloch.

The Canadian payment giant nuvei acquired Krypto payment company Simplex for US dollar last year. Recently Silvergate Diem acquired in January for around $ 200 million.

According to data from Architect Partners, there were 174 crypto fusions and takeover last year-almost three times as many as in 2020. The number of such deals in 2022 was just behind the pace of the previous year, since 40 crypto-M & A transactions took place in the first quarter.

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The Post Shopper Network Company Bolt in $ 1.5b Tie-up with crypto infrastructure provider Wyre is not a financial advice.