What to know:
- Kraken parent Payward agreed to acquire Hong Kong-based stablecoin payments firm Reap Technologies in a $600 million cash-and-stock deal that values Payward at $20 billion and marks Kraken’s first infrastructure acquisition in Asia.
- Reap, founded by former Stripe Asia-Pacific lead Daren Guo and ex–investment banker Kevin Kang, provides cross-border business payments infrastructure that links traditional finance with digital assets, with a focus on stablecoin-powered settlement.
- The Reap deal follows Payward’s up-to-$550 million acquisition of U.S. derivatives platform Bitnomial and comes as Kraken co-CEO Arjun Sethi says the company is about 80% ready for an IPO and is targeting rapid expansion in both Asia and the United States.
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