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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: