Summary
- Payward said it will acquire stablecoin payments company Riff Technologies in a cash-and-stock deal.
- The acquisition is Payward’s first infrastructure company acquisition in Asia and its third-largest deal to date.
- The transaction valued Payward at $20 billion as the company continues an aggressive M&A push ahead of an initial public offering.
Forecast Trend Report by Period
Payward Inc., the operator of US crypto exchange Kraken, is acquiring stablecoin payments infrastructure company Riff Technologies.
Payward Co-Chief Executive Officer Arjun Sethi told Bloomberg on May 7 that the company will buy Riff in a deal combining cash and stock.
Riff provides infrastructure that uses stablecoins to support business-to-business payments and cross-border money transfers.
The acquisition is Payward’s first purchase of an infrastructure company in Asia and its third-largest deal to date. The company plans to use the transaction to roll out new B2B products, including card issuance and stablecoin payments.
Outside Europe, Asia is the fastest-growing market in both revenue and assets on the platform, Sethi said. He added that Riff has already gained traction in Asia and could immediately expand into the US market with Payward.
Payward has been pursuing acquisitions aggressively as it prepares for an initial public offering. The company acquired NinjaTrader for $1.5 billion last year and announced in April that it would buy crypto derivatives exchange Bitnomial for as much as $550 million. The Riff deal values Payward at $20 billion.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
