- Meanwhile, Bolt released a statement promising to maintain his collaboration with Weir.
- Wyre will continue to support Bolt in developing its crypto ecosystem.
On Friday, a US-based payments company Bolt Financial Corporation. She said she canceled the acquisition deal with $1.5 billion Wyre Payment Inc. The downturn in the cryptocurrency market coincides with this big announcement.
According to the report, Bolt took the bold step as he saw the value of his fintech and cryptocurrency businesses plummet. The report states that following the investment round at the beginning of the year, Bolt was valued at approximately $11 billion.
The direct consequences of a market stagnation
Heavy pressure has been put on high-value technology companies as the global crypto market declines. With the sector trading in the midst of an impending recession, investor enthusiasm for digital assets has waned.
Reports also claimed that ratings of other payment processing companies, such as Strip Company and Klarna Bank AB, notably. This is a direct result of the current drop in cryptocurrency prices.
Meanwhile, Bolt released a statement promising to maintain his collaboration with Weir. She went on to say that maintaining her independence will enable her to better focus on the things she does best. Wyre will continue to support Bolt in developing its crypto ecosystem. While booming, it will introduce advanced crypto infrastructure to the market.
The Wall Street Journal earlier predicted that this would be the “mega deal” for the crypto industry. Since 2021, the pace of mergers and acquisitions in the US cryptocurrency industry has been fast. However, there were a small number of transactions of about $1.25 billion in the first quarter of 2022. While the total transactions in 2021 amounted to $4.9 billion. Meanwhile, the booming cryptocurrency market in 2021 saw its market value drop by nearly $2 trillion.
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