Cryptocurrency transactions have begun popping up across the broader payment landscape. Wyre, one of the blockchain infrastructure providers powering the industry, is on the cusp of being acquired by Bolt. That acquisition enables Bolt to add crypto payments to its online checkout platform.
Wyre Is Of Keen Interest
Many players in traditional finance pay attention to providers in the cryptocurrency and blockchain space. Wyre, a blockchain infrastructure provider, will soon be acquired by online checkout company Bolt. The Bolt team is willing to pay $1.5 billion for this deal to introduce crypto payments to its one-click checkout, authentication, payments, and fraud protection suite. Crypto payments negate fraud as transactions are final.
Once the deal finalizes, Bolt will begin to integrate all of Wyre’s APIs into its platform. Doing so benefits bolt clients, as they can access simple and secure crypto to fiat payments through a trusted interface. As a result, millions of people will have the ability to pay for goods and services. Moreover, Bolt aims to focus on integrating non-fungible tokens, part of the company’s focus on Web3 compatibility and development.
Bolt Executive Chairman Ryan Breslow adds:
“This acquisition is the fulfilment of a long-time ambition. When I wrote the draft business plan for Bolt, I had always imagined cryptocurrency at its centre. This acquisition will fast-track our efforts to democratise commerce—and it will serve as a powerful proof point for the union of cryptocurrency and commerce.”
Although the Wyre acquisition would be a boost for the crypto industry, getting merchants to enable these payment options remains key. Bolt users may be more inclined to do so as it expands their number of available offerings. However, cryptocurrencies remain very niche payment options, even in 2022. This integration may not make much of an impact on overall crypto payment usage in retail right away.