Democratizing Commerce and Bringing Coinbase-Like Functionality To Commerce Through One-Click Crypto

Bolt Team

Author

Maju Kuruvilla

CEO

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Democratizing Commerce and Bringing Coinbase-Like Functionality To Commerce Through One-Click Crypto

If you sum up the words published about cryptocurrency in the last quarter, they would total in the millions.

They would point out the technology’s potential, the endless possible applications, and the energy and talent flocking to the industry. And yet, how many people—even those reading this post—can easily and readily purchase cryptocurrency or digital assets like NFTs? That number is far, far smaller. 

Despite all of the development and work in cryptocurrency, and despite Web3 emerging as a new frontier in the digital world, most people today cannot participate. The space is flooded with jargon and acronyms and insider-speak, and even if you can get through all that, everything from account creation to purchasing NFTs is complicated and cumbersome.

That’s about to change. 

I’m proud to announce that Bolt is acquiring a San Francisco-based company, Wyre, with the goal to simplify and democratize cryptocurrency transactions and bring the power of these technologies to our merchants and their consumers. 

This is Bolt’s biggest acquisition, and it is the largest-ever M&A in the cryptocurrency space. Wyre has spent a decade developing a platform that enables partners to rapidly build and deploy crypto and decentralized finance (DeFi) applications, which has made them the leading fiat-to-crypto and payment infrastructure company in the world.

Wyre and Bolt have a shared goal: democratizing and decentralizing commerce. Just as Bolt has made it possible for merchants of all sizes to have the latest digital technologies, Wyre has made it possible for their partners to easily secure licenses, address regulatory hurdles, and integrate into the crypto ecosystem. We’re both in the business of removing barriers to entry—and together, we’ll do that with even more impact. 

With Bolt and Wyre combined, we will bring Coinbase-like functionality to all of commerce, and in the process, introduce cryptocurrency to a new generation of merchants and consumers.

Here’s what this joining of forces means in practical terms. Wyre will expand Bolt’s extensive API offering, by integrating their best-in-class crypto stack, giving Bolt access to millions of blockchain developers worldwide. That will help accelerate our developer platform in the more traditional ecommerce and fintech markets, which means that the tens of millions of shoppers in Bolt’s network will be able to easily access cryptocurrency, fiat exchanges, and compliance solutions.

In short order, Bolt merchants will be able to accept cryptocurrency as payments for physical goods, and similarly, consumers will be able to use cryptocurrency to pay for physical goods. Because of this acquisition, Bolt will become the dominant checkout service and identity layer for crypto, NFTs, and the wide range of digital assets to come.

There are hinge moments in businesses, ones that mark a powerful transition point. Our acquisition of Wyre is one of those. We’re not simply integrating our technologies. We’re bringing together two teams that share a common set of values: a commitment to democratizing commerce and a belief that technology’s benefits shouldn’t just go to the biggest players and best-connected people. 

Together, we plan to write the next chapter in the story of decentralized commerce.

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