Kraken parent Payward to acquire Hong Kong stablecoin firm Reap for $600 million

Payward Inc., the parent company of cryptocurrency exchange Kraken, has announced its agreement to acquire Hong Kong-based Reap Technologies for $600 million. This strategic acquisition aims to bolster Payward's presence in Asian stablecoin payment infrastructure. The deal, funded by a mix of cash and stock at a $20 billion valuation for Payward, marks Payward's first infrastructure acquisition in Asia and its third-largest overall. Reap Technologies specializes in stablecoin-based cross-border and business payment services, bridging traditional finance with digital assets. The acquisition is expected to lead to new business-to-business offerings, including card issuance and stablecoin payments, integrating Reap into Payward's existing B2B infrastructure platform. Asia is identified as Payward's fastest-growing market outside of Europe. This move follows Payward's recent acquisitions of derivatives exchange Bitnomial and futures platform NinjaTrader, as the company diversifies its offerings and prepares for a potential initial public offering.

(Source：The Block)