Bolt and Wyre abandon $1.5 billion deal

Bolt Financial Inc., a fintech company, and blockchain startup Wyre Payments have terminated their $1.5 billion acquisition agreement, the press release says.

According to the statement, the decision was made by mutual consent. Wyre will instead enter into a commercial agreement with Bolt to implement its product on the company’s client platform.

“It had been expected that the deal would close by the end of 2022, but Wyre and Bolt both chose to remain independent companies,” the startup said.

The acquisition became known in April. At the time, The Wall Street Journal called Wyre’s impending purchase the largest in the history of the crypto industry without the participation of SPAC.

Founded in 2014, Bolt Financial offers merchants one-click checkout. The deal would have allowed the company to enter the cryptocurrency payments market.

Wyre operates a blockchain payments platform. The startup forecasts that by 2025 around a million developers will interact with its infrastructure.

In January 2021, Stellar Development Foundation invested $5 million in Wyre to expand its ecosystem.

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