Crypto
Kraken parent Payward to buy Hong Kong stablecoin payments firm Reap for $600 million
Payward, the parent of cryptocurrency exchange Kraken, will acquire Hong Kong-based stablecoin payments company Reap Technologies for $600 million, Bloomberg News reported on May 7. The purchase price will be paid in cash and stock. As part of the transaction, Payward will issue new shares valuing the company at $20 billion. Reap supports cross-border payments between businesses using stablecoins and has built infrastructure targeting Asian markets.
