Bolt acquired crypto startup Wyre Payments to help it stand out in the highly competitive one-click checkout space.
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The news: One-click checkout provider Bolt acquired cryptocurrency startup Wyre Payments in a deal reportedly valued at $. billion, people familiar with the matter told the Wall Street Journal.
More on this: Wyre offers several API solutions, including the ability to buy, sell, and hold cryptos; bank-supported crypto-to-fiat exchange; and crypto compliance services.
The deal s rumored $. billion valuation would make it one of the largest crypto acquisitions that did not involve a special purpose acquisition company SC . The acquisition fulfills a long-term goal for Bolt—Ryan Breslow, Bolt s founder and executive chairman, said cryptos have been part of Bolt s vision since the company s inception in .
What it means: Bolt will use Wyre s APIs to enable crypto capabilities for merchants and customers.
Bolt merchants can accept crypto payments. The capability will let merchants accept transactions from a wider base of customers and can make Bolt a more attractive provider: .% of crypto-owning adults in the US said they would be interested in making online purchases with cryptos if the feature were automatically available at checkout, per a PYMNTS survey.
Customers can purchase cryptos and nonfungible tokens NFTs from Bolt. This feature would extend Bolt s use cases beyond one-click checkout. While it may not turn Bolt into a competitor against exchanges like Coinbase, it might make Bolt a more compelling provider within the one-click checkout space—using the feature as an engagement tool could increase purchases.
Bolt s developers can use Wyre s tech stack to develop crypto-focused services. Considering the deal s rumored value, Bolt may have additional plans for Wyre. It could use Wyre s APIs to develop merchant-facing services to help drive merchant acquisition and diversify its business. Payment providers have used acquisitions to cater to specific merchant needs: Klarna, for instance, acquired APPRL, a platform that lets content creators and retailers work together on consumer shopping campaigns.
The bigger picture: Bolt might have acquired Wyre to stay fresh and innovative in a highly competitive market.
Fast, one of Bolt s former competitors, shut down this week following financial and performance struggles. Even with Fast s exit, Bolt is left to compete with payment titans like PayPal and Apple Pay , which both have strong adoption. Bolt can use Wyre to stand out in the one-click checkout space and increase merchant and customer acquisition.
