Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration
Sept 9 (Reuters) – U.S. online checkout company Bolt Financial Inc said on Friday it scrapped its $1.5 billion deal to buy cryptocurrency infrastructure provider Wyre Payments Inc, amid plunging valuations in crypto and fintech businesses.
San Francisco-based Bolt was last valued at $11 billion after a funding round in January. However, high-flying tech valuations have come under pressure this year as investor sentiment took a hit from fears of a looming recession and a chill in the equity markets.
Payments processor Stripe Inc and fintech Klarna Bank AB have taken significant valuation cuts. Industry valuations have also fallen significantly in the crypto sector during a price crash over the past few months.
Bolt said in a statement it will continue its partnership with Wyre, adding that remaining independent would allow it to focus on its core areas.
“We will continue our existing commercial partnership with Wyre to pave the path of crypto integration into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world,” Bolt’s CEO Maju Kuruvilla said.
Our Standards: The Thomson Reuters Trust Principles.
Bankrupt Scandinavian airline SAS AB on Friday said it has received U.S. court approval for $700 million of debtor-in-possession (DIP) financing from funds managed by private equity firm Apollo Global Management .
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved
Author
Administraroot