Kraken has been intensively preparing for an IPO recently, reportedly valued at 20 billion yuan. So Kraken has been making frequent moves recently, for example, Kraken just announced that it spent $600 million (including stocks) to acquire a Crypto payment/settlement company called Reach. In fact, I have shared it many times before, and it can be said that one of the most successful products of Crypto in 2025 is the U-card. However, Reach is not a To C U-card company. Its main business is to issue Crypto cards specifically to B-end customers, such as helping Animoca issue cards. In addition, Reach will also use stablecoins to help companies with cross-border payments, clearing and settlement, payroll, and more. Reap mainly cultivates in Asia and Latin America, and has relevant licenses and qualifications in Singapore, Hong Kong, and Mexico. So the valuation can reach a high of 600 million US dollars. I casually looked at the investment institutions in the previous round of Reap. In the previous round, Reap raised $40 million with an undisclosed valuation, estimated to be between $150-200 million. It is jointly led by HashKey, Acorn Pacific, and Arcadia. To be honest, I really admire HashKey Capital. Their last round of investment was in 2022, which was the true bottom of a bear market. HashKey's willingness to invest so much money in a payment company is quite bold. Of course, now the valuation of Reach has increased by at least three to four times, which can be considered a significant exit return. Additionally, due to Reach's emphasis on to B, the market is not as familiar with it. On the contrary, people are more familiar with companies like Fiat24 that use to C. PS: However, when checking Fiat24, it was found that HashKey Capital also invested in Fiat24. So it seems that HashKey has good judgment in the payment aspect. But currently, Fiat 24 and Reach are not the same size. The real opponent of Reap may also be Rain. Rain mainly focuses on North America, while Reach is more focused on the Asia Pacific market. To get back to the point, Kraken's willingness to spend such a high price to acquire a payment company is not only due to Reap fundamentals, but also because of Kraken's own positioning considerations. At present, Kraken aims to appear more like a comprehensive financial platform after going public, rather than just the traditional impression of an exchange. For example, Kraken previously invested heavily in acquiring another company called Backed, which issued many on chain stocks (xStock) that are not trading businesses and belong to the RWA sector. This is Kraken's wild hope, right.