Kraken acquires stablecoin infrastructure company Reap for $600 million

According to Bloomberg, Kraken's parent company Payward Inc. has agreed to acquire Hong Kong-based Reap Technologies for $600 million in cash and stock. Reap Technologies is a provider focused on stablecoin cross-border payments and commercial payment services. Payward and Kraken co-CEO Arjun Sethi stated that the valuation of the stock issued by Payward in this transaction is $20 billion. This acquisition aims to expand into the Asian market.