Kraken Acquires Hong Kong Payments Firm Reap for $600 Million to Expand Asia Stablecoin Operations

Payward Inc., Kraken's parent company, acquired Hong Kong-based payments firm Reap Technologies for $600 million in cash and stock to expand Asian stablecoin infrastructure. Separately, Kraken announced a global partnership with MoneyGram enabling customers to withdraw crypto as fiat currency through MoneyGram's cash pickup network across more than 100 countries, serving millions of Kraken users.

Kraken-MoneyGram partnership

• ▪The Kraken-MoneyGram partnership aims to make it easier for users to convert digital assets into cash.
• ▪Crypto exchange Kraken announced a global partnership with MoneyGram.

Global network coverage

• ▪Millions of Kraken customers will have access to the crypto-to-fiat withdrawal service.
• ▪The Kraken-MoneyGram collaboration will allow Kraken customers to withdraw crypto as fiat currency through MoneyGram's global cash pickup network.
• ▪The Kraken-MoneyGram service will operate across more than 100 countries.

2 sources