Kraken Parent Payward Buys Reap Technologies in $600M Deal

Kraken parent Payward agreed to acquire Hong Kong-based Reap Technologies for up to $600 million, expanding its push into stablecoin payments and business-to-business (B2B) financial infrastructure.

Payward has entered into a definitive agreement to acquire Reap for up to $600 million, the company announced Thursday. The deal is set to be paid in a mix of cash and Payward stock, in a transaction that values Payward’s equity at $20 billion. It would expand Payward Services, the company's B2B infrastructure platform launched in March 2026.

The deal comes as crypto companies increasingly expand beyond trading services into payments infrastructure and stablecoin-related products as stablecoins gain traction among fintech firms and businesses.

In a statement on Thursday, Reap co-founders said the platform would continue operating as a standalone platform, adding that the transaction remains subject to customary regulatory approvals, expected to close in the second half of 2026.

Reap expands Payward Services into global cards and payments

Payward Services allows companies to integrate trading, payments, funding and digital asset services through one system.

The acquisition of Reap extends that platform into the global cards and payments space, allowing partners to embed card issuance, cross-border payments, and stablecoin treasury services alongside Payward's existing capabilities.

“Reap is the payments layer for what comes next. Card networks, banking rails, and blockchains on a single API, settling in stablecoins,” Payward and Kraken co-CEO Arjun Sethi said in the announcement.

Related: Kraken parent Payward closes Bitnomial deal to expand US crypto derivatives

The acquisition of Reap follows Payward’s acquisitions of Bitnomial exchange, futures broker NinjaTrader and xStocks issuer Backed, as the company continues expanding its platform through targeted acquisitions.

Reap deal deepens Asia push

Reap was founded in 2018 by Daren Guo, who previously worked for the Asia Pacific business at the payments firm Stripe, and former investment banker Kevin Kang, according to its website.

The company specializes in provisioning payment solutions to connect traditional financial systems with digital assets, aiming to enable cross-border money flows.

Sethi reportedly said that the deal marks Payward’s first infrastructure acquisition in Asia and one of its largest transactions to date.

“If you take Europe out, the fastest growing market is Asia, not just revenue but also asset-on-platform,” Sethi said, adding: “They have already done it in Asia. They can expand into the US overnight with us.”

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