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Payward Acquires Hong Kong Stablecoin Firm Reap for $600 Million to Expand Asia Payments

GateNews
Partnerships & Ecosystem
According to a BusinessWire announcement on Thursday, Payward Inc., the parent company of Kraken, has agreed to acquire Hong Kong-based Reap Technologies for $600 million to expand its Asian stablecoin payments infrastructure. The deal is funded through a combination of cash and stock, with Payward issuing shares at a $20 billion valuation, Arjun Sethi, co-chief executive of Payward and Kraken, told Bloomberg. Reap provides stablecoin-based cross-border and business payment services. The acquisition is Payward's first infrastructure deal in Asia and represents part of its B2B infrastructure platform launched this year, which offers stablecoin payments, digital-asset trading, and lending services to fintechs, banks, and businesses.
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