Bolt Financial Inc., a U.S. online retailer, announced on Friday that it had canceled its $1.5 billion acquisition of Wyre Payments Inc., a firm that provides Bitcoin infrastructure, due to the declining prices of the fintech and cryptocurrency industries. Reports Of Axios Axios was the first to disclose that one-click checkout business Bolt has withdrawn from a $1.5 billion acquisition of cryptocurrency payment service Wyre. According to Axios, the cash-and-stock transaction failed due to apparent investor hesitancy over the one-click checkout business model and Bolt’s $11 billion valuation during a fintech selloff. The firms announced that Bolt and Wyre have mutually agreed to continue their cooperation as independent enterprises. “Operating as independent organizations while remaining partners will allow both parties to focus on their respective core competencies to deliver value to customers.” Valuations Of Fintech Company Following a fundraising round in January, Bolt, located in San Francisco, was last valued at $11 billion. Thoughts of an impending recession and a chill in the equity markets have depressed investor confidence, putting pressure on high-flying tech values this year. The valuations of fintech company Klarna Bank AB and payment processor Stripe Inc. have been reduced. During a recent price drop, industry values have also decreased dramatically in the cryptocurrency business. In a statement, Bolt said it wou...
