The crypto exchange expands its payments infrastructure with the purchase of Reap, a firm specializing in stablecoin transactions.
Cryptocurrency exchange Kraken has agreed to acquire Reap, a stablecoin-focused payments company, in a $600 million deal. The move aims to bolster Kraken’s capabilities in digital asset transactions and broaden its financial services offerings.
Reap specializes in facilitating stablecoin-based payments, a growing segment in the crypto market. The acquisition follows Kraken’s recent push to expand beyond trading, including efforts to integrate more payment solutions.
No immediate market reaction was reported following the announcement. The deal is expected to close later this year, pending regulatory approvals.