Kraken buys Hong Kong stablecoin firm Reap for $600 million in Asia push
Krakens $600 million acquisition of Reap folds a Hong Kong stablecoin business‑payments specialist into its stack, with Payward issuing stock at a $20 billion valuation to anchor its IPO‑era M&A currency.Kraken parent Payward will buy Hong Kong-based Reap Technologies for $600 million in cash and stock.The deal values Payward‘s stock at $20 billion and is designed to accelerate Kraken’s expansion across Asia.Reap brings stablecoin-based cross-border payment and commercial payment infrastructure into Krakens stack. Krakens parent company Payward Inc. has agreed to acquire Hong Kong-based Reap Technologies for $600 million in a cash-and-stock deal, marking one of the largest bets yet by a global crypto exchange on stablecoin payment infrastructure in Asia, according to Bloomberg. The transaction values the Payward shares issued in the deal at a $20 billion equity valuation, effectively reaffirming the level Kraken reached in its last major funding round before IPO preparations began. Reap is a financial technology company that builds stablecoin-enabled infrastructure for business payments, including cross-border settlement, corporate cards, and expense management, with its flagship Reap Direct product integrating fiat and stablecoin rails for corporate clients. Headquartered in Hong Kong, the firm has been expanding its global headquarters in the city to “tap into payments opportunities” as