Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Hong Kong-based Reap Technologies for up to $600 million in a cash-and-stock deal. The transaction values Payward at $20 billion and represents the company's largest acquisition to date.
The deal, reported by Bloomberg on Thursday, expands Kraken's presence in Asia through stablecoin infrastructure and cross-border payments. Reap Technologies, founded by former Stripe Asia-Pacific lead Daren Guo and ex-investment banker Kevin Kang, connects traditional finance with digital assets using stablecoin-powered settlement for business-to-business flows.
