Kraken's Co-CEO Arjun Seti stated that they paid in cash and stock at a valuation of $20 billion. Reap provides cross-border and corporate payment services with stablecoins, bridging traditional financial systems with digital assets to facilitate cross-border cash flows. This is Kraken's first infrastructure deal in Asia and the third-largest for the company. The acquisition will enable the launch of new products, including the expansion of stablecoin payments and the issuance of cards. Seti described Asia as the fastest-growing market outside Europe, with revenues that will help strengthen Kraken's position in the U.S. Earlier this week, the company completed the acquisition of derivatives exchange Bitnomial for $550 million.