Payward, the company behind crypto exchange Kraken, is buying Reap Technologies for $600 million using cash and stock valued at $20 billion, according to a Thursday announcement.

Reap Technologies is a Hong Kong fintech firm specializing in stablecoin-powered payment rails and tools that support global business-to-business money movement.

The acquisition is Payward’s first infrastructure deal in Asia and will support new business-to-business products like card issuance and stablecoin payments. Co-CEO Arjun Sethi said that Asia is the fastest-growing market outside Europe in terms of both revenue and assets on the platform, and that Reap’s capabilities could be expanded into the US quickly.

According to Sethi,…