Offshore law firm Carey Olsen advised Payward, the parent company of cryptocurrency exchange Kraken, on its $600 million acquisition of Hong Kong-based fintech company Reap Technologies.
The cash-and-stock transaction values Payward at $20 billion and expands Kraken’s stablecoin payments and financial infrastructure business in the Asia-Pacific region, where digital asset adoption has grown rapidly.
Reap develops cross-border payments technology that connects traditional financial systems with digital assets. Its platform supports stablecoin-based international payments, corporate card issuance and business management services.
Carey Olsen advised on the British Virgin Islands and Cayman Islands legal and regulatory aspects of the transaction. The firm’s team included partners Chris Duncan, Trevor McCabe and Richard Munden, counsel Katrina Lindsay and associates Simon Galante and Gerald Quinn.
Duncan, who leads Carey Olsen’s digital assets and fintech practices in the Cayman Islands and British Virgin Islands, said the acquisition reflects growing complexity in cross-border fintech transactions and the role offshore jurisdictions continue to play in the digital asset sector.
McCabe said the deal positions Kraken and Reap to benefit from increased use of stablecoin-powered payment systems in Asia-Pacific markets.
