Payments company Bolt scraps $1.5 billion deal to buy crypto firm Wyre
U.S. online checkout company Bolt Financial Inc said on Friday it scrapped its $1.5 billion deal to buy cryptocurrency infrastructure provider Wyre Payments Inc, amid plunging valuations in crypto and fintech businesses, according to Reuters.
San Francisco-based Bolt was last valued at $11 billion after a funding round in January. However, high-flying tech valuations have come under pressure this year as investor sentiment took a hit from fears of a looming recession and a chill in the equity markets.
Bolt said in a statement it will continue its partnership with Wyre, adding 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,” Bolt’s CEO Maju Kuruvilla said.
Dariusz Mazurkiewicz – CEO at BLIK Polish Payment Standard
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