Leading U.S. online checkout company Bolt Financial Inc has announced that it is not going ahead with the $1.5 billion deal to buy crypto infrastructure provider Wyre Payments.
In April, the firm declared that it would acquire Wyre amid growing demand for purchasing goods and services with cryptocurrency and the opportunity of Web3.
Post-acquisition, both companies were supposed to build commerce solutions for mainstream, secure cryptocurrency usage for millions of shoppers, retailers, and developers.
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However, Bolt has said that it will continue its partnership with Wyre and that remaining independent would allow it to focus on its core areas.
“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,” Reuters quoted Bolt’s CEO Maju Kuruvilla saying.
Established in 2013, Wyre offers users blockchain-connected payment APIs and fiat-to-crypto onramps, foreign exchange, and cryptocurrency liquidity.
After a funding round in January, Bolt was last valued at $11 billion.
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