Kraken plans to acquire Asian stablecoin infrastructure company Reap for $600 million.

According to Bloomberg, cryptocurrency exchange Kraken is acquiring Asia-based stablecoin infrastructure company Reap for approximately $600 million. Reap specializes in stablecoin payments, fiat currency deposits and withdrawals, and enterprise-grade financial infrastructure services. This acquisition is seen as a significant step for Kraken to expand its presence in the Asian market and strengthen its stablecoin payment capabilities. Neither party has officially confirmed the details of the transaction.