Carey Olsen advises Kraken parent on US$600 million acquisition of Hong Kong fintech Reap

The cash-and-stock transaction values Payward at US$20 billion and marks the expansion of Kraken's stablecoin and payments infrastructure business into Asia-Pacific, which has become one of the fastest-growing regions for crypto adoption and stablecoin activity.

Reap provides cross-border business payments infrastructure that links traditional finance with digital assets, providing stablecoin-native infrastructure for cross-border payments, corporate card issuance, and business management.

Carey Olsen's British Virgin Islands and Cayman Islands team advising Kraken on the legal and regulatory aspects of the transaction comprised partners Chris Duncan, Trevor McCabe and Richard Munden, counsel Katrina Lindsay and associates Simon Galante and Gerald Quinn.

Chris Duncan, who leads Carey Olsen's digital assets and fintech practices across the Cayman Islands and the British Virgin Islands, commented: "We are pleased to have supported Payward on this landmark acquisition. The deal reflects the increasing sophistication of cross-border fintech transactions and highlights the important role that offshore jurisdictions play in supporting the growth of global digital asset businesses."

Trevor McCabe added: "Reap’s innovative payment platform, combined with Kraken’s global reach, positions the group to capitalise on the rapid expansion of stablecoin-driven payments, particularly in high-growth markets like the Asia-Pacific."