Bloomberg: Kraken Parent Payward to Buy Hong Kong's Reap Technologies for $600 Million

Payward Inc., the parent company of crypto exchange Kraken, has agreed to acquire Hong Kong-based Reap Technologies for $600 million, Bloomberg reported. Reap focuses on stablecoin-based cross-border payments and business payment services, and serves as infrastructure for a number of crypto-linked "U cards." As part of the deal, Payward's issued shares were valued at $20 billion.