Kraken to buy stablecoin payments firm Reap in $600 million deal: Bloomberg

Kraken's parent company, Payward, has agreed to acquire Hong Kong-based stablecoin payments firm Reap Technologies for $600 million in a cash-and-stock deal. This acquisition marks Kraken's first infrastructure purchase in Asia and is valued at $20 billion for Payward stock. Reap specializes in cross-border and business payments infrastructure, connecting traditional finance with digital assets, with a focus on stablecoin settlements. Kraken's co-CEO, Arjunt Sethi, highlighted Asia as the fastest-growing market and sees Reap as a way to rapidly expand into the U.S. market. The deal follows Payward's recent $550 million acquisition of digital asset derivatives platform Bitnomial. Reap was founded by former Stripe executive Daren Guo and ex-investment banker Kevin Kang.

(Source：CoinDesk)