The $1.5 billion deal to acquire the cryptocurrency firm has been cancelled by the payments company.

    In response to falling values in the cryptocurrency and fintech industries, the American online checkout startup Bolt Financial Inc. said on Friday that it was terminating its $1.5 billion agreement to acquire the cryptocurrency infrastructure provider Wyre Payments Inc.

    After participating in a fundraising round in January, San Francisco-based Bolt was most recently valued at $11 billion. Despite this, high-flying tech valuations have been under increasing pressure this year as investor mood has taken a blow as a result of worries of an impending recession and a chill in the equities markets.

    Both the payments processor Stripe Inc. and the financial technology company Klarna Bank AB have seen huge reductions in their valuations. During a price crisis that has occurred over the course of the previous several months, the crypto sector has also seen a considerable decline in industry values.

    Bolt has said in a statement that it would maintain its collaboration with Wyre. The company also mentioned that being independent will enable it to concentrate on its primary responsibilities.

    According to Maju Kuruvilla, CEO of Bolt, “We will extend our current commercial cooperation with Wyre to pave the way of crypto integration into our ecosystem, delivering Wyre’s revolutionary crypto infrastructure to the globe.”

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