Kraken parent Payward agreed to acquire Hong Kong-based Reap Technologies for up to $600 million as the company expands into stablecoin payments and business-to-business (B2B) financial infrastructure.
The deal will be paid in a mix of cash and Payward stock, valuing Payward’s equity at $20 billion, the company said on Thursday. It would expand Payward Services, the company’s B2B infrastructure platform launched in March 2026.
The deal comes as crypto companies move beyond trading services into payments, treasury and settlement products built around stablecoins.
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.
Source: Kraken
“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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