Kraken Parent to Buy Reap Technologies for $600 Million (1)

The owner of crypto exchange Kraken has agreed to pay $600 million for Reap Technologies, a stablecoin-oriented provider of cross-border and business payments services.

Kraken parent Payward Inc. is paying cash and stock for the Hong Kong-based company, according to Arjun Sethi, co-chief executive officer of Payward and Kraken. Payward is issuing stock at a valuation of $20 billion, he said.

Reap is Payward’s first infrastructure acquisition in Asia and one of its largest ever, Sethi said in an interview. The transaction will result in new business-to-business products, including card issuance and stablecoin payments, he said.

“If you ...