Payward, the parent of cryptocurrency exchange Kraken, has agreed to 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 deal, Payward will issue new shares valuing the company at $20 billion.
Reap Technologies is a cross-border payments company that supports international transactions between businesses using stablecoins. It has built infrastructure targeting Asian markets and specialises in regions with high demand for crypto-based payments.
The acquisition expands Payward's business beyond crypto trading into payments services in Asia. Reap's stablecoin infrastructure will allow it to process cross-border payments without using existing bank intermediaries.
Payward previously acquired derivatives exchange Bitnomial in April for $550 million.
Chi-gyu Hwang
delight@d-today.co.kr