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Kraken to buy stablecoin payments firm Reap in $600 million deal: Bloomberg
Key takeaways
- The acquisition values Payward stock at $20 billion and marks Kraken's first infrastructure acquisition in Asia, according to the report.
- Reap, based in Hong Kong, provides cross-border and business payments infrastructure that connects traditional financial systems with digital assets.
- “If you take Europe out, the fastest growing market is Asia, not just revenue but also asset-on-platform,” Sethi told Bloomberg. “They have already done it in Asia.
The acquisition values Payward stock at $20 billion and marks Kraken's first infrastructure acquisition in Asia, according to the report. Sethin told Bloomberg the deal is also the company’s third-largest to date.
Reap, based in Hong Kong, provides cross-border and business payments infrastructure that connects traditional financial systems with digital assets. The company focuses heavily on stablecoin-powered settlement and business-to-business payment flows.
“If you take Europe out, the fastest growing market is Asia, not just revenue but also asset-on-platform,” Sethi told Bloomberg. “They have already done it in Asia. They can expand into the US overnight with us.”
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