With the acquisition, Bolt will be able to expand its API offering and crypto payment options. Here are the top-line bullets you need to know.
Bolt, a payments technology provider, has acquired Wyre, a crypto exchange platform, for $1.5B.
WHO ARE THE PARTIES TO THE DEAL?
- Wyre: California-based Wyre develops compliant fiat-to-crypto on- and off-ramps. The startup currently has 15M+ end-users, and it has processed over $15B in payments since its inception in 2013. Wyre anticipates that nearly 1M developers will use its payments platform by 2025. The company maintains offices in San Francisco.
- Bolt: California-based Bolt offers online checkout technology to retailers. It generated an estimated $40M in revenue in FY’21. Some of its clients include Juicy Couture, Forever 21, and Lucky Brand. Bolt maintains offices in San Francisco, New York City, Stockholm, Salt Lake City, Seattle, Wroclaw, Barcelona, and Toronto.
Source: Wyre
WHY DOES THE MARKET MATTER?
- The cryptocurrency market is expected to reach a value of $2.2B by 2026, growing at a CAGR of 7.1%, according to Markets and Markets.
- The rising number of crypto applications across industries has contributed to market growth.
- The growth of crypto has given rise to concerns regarding its potential to enable fraud and financial crime, increasing regulatory pressure as well as the demand for analytics tools for compliance and risk management.
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