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Bolt Financial to acquire crypto startup Wyre for $1.5 billion



 Bolt Financial Inc. offers merchant payment and checkout services, the same market eyed by giants PayPal and Apple's Apple Pay.


Bolt Financial Inc., a San Francisco-based fintech focused on online payments, is reportedly set to acquire crypto startup Wyre Payments Inc.


Wyre is a crypto payments infrastructure provider founded in 2013. The company operates in 27 US states as a money transactions provider and plays a key role in connecting consumers and businesses with banks and crypto wallets.


A Wall Street Journal report Thursday quoted sources familiar with the acquisition as saying the parties expect to close the deal for $1.5 billion .


If completed, the merger would become the largest in the crypto industry not involving a Special Acquisition Company (SPAC) or blank check firm. Its value would dwarf the $1.2 billion Galaxy Digital Holdings spent acquiring BitGo Inc. last May.


Reports of a potential deal for Wyre come as Bolt, which was founded in 2014, seeks to bolster its online payments business amid stiff competition and being overcome by giants like PayPal and Apple's Apple Pay.


In January, the company raised $355 million in its Series E funding round at a valuation of $11 billion.

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