Kraken Buys Reap for $600 Million as Asia Stablecoin Race Heats Up

Crypto exchange Kraken, through its parent company Payward Inc., has agreed to acquire Hong Kong-based payments firm Reap Technologies for $600 million in cash and stock. This acquisition significantly strengthens Kraken's presence in Asia and accelerates its strategy to move beyond cryptocurrency trading into stablecoin-powered financial services. Reap specializes in stablecoin-native payment infrastructure for businesses, offering services like cross-border settlements, treasury tools, and corporate cards that integrate fiat and digital assets, primarily using USDC. The deal provides Kraken with immediate access to regulated payment infrastructure in key Asian markets, a move that aligns with its broader expansion into stablecoin settlement and embedded finance. Reap was reportedly profitable and had previously raised around $60 million. The acquisition, which is subject to regulatory approvals in Hong Kong and Singapore, is expected to close in the coming months, intensifying the competition in the Asian stablecoin market.

(Source：BeInCrypto)