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Bolt To Add Crypto Option With Wyre Tie-Up

Illustrative image of two commemorative bitcoins seen in front of the national flag of the United States displayed on a computer screen. Photo by Artur Widak/NurPhoto via Getty Images)

Photo: Artur Widak/NurPhoto via Getty Images

One-click checkout provider Bolt’s proposed $1.5 billion acquisition of crypto startup Wyre will make the ability to pay in cryptocurrency available to millions of shoppers, retailers and developers.

Why it's the BFD: Another tie-up between an e-commerce payments platform and blockchain tech will help accelerate the adoption of crypto payments among consumers and retailers.

What’s happening: The Bolt-Wyre marriage would allow retailers to accept crypto as a payment method, “with the security and ease of traditional currency.”

Flashback: In January, Bolt raised $355 million as part of a Series E round led by funds and accounts managed by BlackRock, giving the online payments company an $11 billion valuation, a person familiar with the matter confirmed.

Yes, but: One-stop checkout startup Fast shuttered this week, with investors like Stripe, Addition and Index Ventures losing about $120 million.

  • Fast paid too little attention to burn rate because it just assumed the VC gravy train would keep rolling, Axios' Dan Primack writes.

What we’re watching: The $1.5 billion is a steep price tag and we’ll be looking out for more details on how they plan on financing the deal.

  • The companies expect the deal to close at the end of the year.
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