Payward Acquires Reap in $600 Million Stablecoin Fintech Deal

Kraken's parent company, Payward, has completed its $600 million acquisition of Reap, a stablecoin-powered credit card and payments fintech. This deal marks a significant move for Payward as it broadens its offerings in the market.

Nic Puckrin, founder of Coin Bureau, commented on the acquisition saying that Payward is 'broadening out to capture a bigger share of the market' amidst a challenging environment for crypto exchanges.

Payward's parent company, Kraken, is still awaiting a response from the Office of the Comptroller of the Currency (OCC) regarding its national trust bank charter application filed in May. This development could potentially impact Payward's operations and expansion plans.