Payward, Kraken's Parent Company, Announces $600M Acquisition of Reap to Advance Stablecoin Payment Solutions
In a major expansion move, Payward, the parent company of Kraken, has reached an agreement to acquire Reap, a Hong Kong-based fintech firm, in a deal valued at up to $600 million. The acquisition will integrate card issuance and stablecoin payment functionalities into Payward's business-to-business platform.
In a significant strategic move, Payward, the company behind Kraken, has reached an agreement to purchase Reap Technologies, a Hong Kong-based payment technology firm, in a transaction worth up to $600 million. This acquisition represents a major step forward in the company's expansion into stablecoin payment solutions and business-to-business (B2B) financial infrastructure services.
The definitive acquisition agreement, announced by the company on Thursday, outlines a purchase price of up to $600 million for Reap. The transaction structure includes a combination of both cash and Payward equity, with Payward's stock being valued at $20 billion in the deal. This strategic acquisition is designed to broaden the capabilities of Payward Services, the company's B2B infrastructure platform that was introduced to the market in March 2026.
This acquisition reflects a broader industry trend where cryptocurrency companies are moving beyond their core trading operations to establish presence in payments infrastructure and stablecoin-based products. This shift is being driven by the growing adoption of stablecoins among fintech companies and traditional businesses seeking digital payment solutions.
According to a Thursday statement from Reap's co-founders, the platform will maintain its operations as an independent entity following the acquisition. The co-founders also noted that the transaction is pending standard regulatory clearances and is anticipated to be finalized during the second half of 2026.
Reap expands Payward Services into global cards and payments
The Payward Services platform is designed to enable businesses to access trading, payment processing, funding mechanisms, and digital asset management capabilities through a unified system interface.
By acquiring Reap, Payward is extending the reach of its platform into the international cards and payments marketplace. This expansion will enable partner companies to incorporate card issuance capabilities, international payment processing, and stablecoin treasury management services in conjunction with the features already available through Payward's existing infrastructure.
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
This Reap acquisition comes on the heels of several other strategic purchases by Payward, including the Bitnomial exchange, the futures brokerage firm NinjaTrader, and Backed, an issuer of xStocks. These acquisitions demonstrate the company's ongoing strategy of platform expansion through carefully selected acquisition targets.
Reap deal deepens Asia push
According to information from its official website, Reap was established in 2018 by Daren Guo and Kevin Kang. Guo brings experience from his previous position with Stripe's Asia Pacific operations, while Kang comes from an investment banking background.
The company's core expertise lies in developing payment infrastructure that bridges traditional financial systems with digital asset platforms, with a focus on facilitating seamless international money transfers and cross-border transactions.
According to reports, Sethi characterized the acquisition as Payward's inaugural infrastructure purchase in the Asian market and among the company's most substantial deals in terms of transaction value to date.
If you take Europe out, the fastest growing market is Asia, not just revenue but also asset-on-platform. They have already done it in Asia. They can expand into the US overnight with us.
Arjun Sethi