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Payward, the parent company of crypto exchange Kraken, has signed a definitive agreement to acquire Reap Technologies Holdings for up to $600 million. The deal includes cash and Payward stock and values Payward’s equity at $20 billion.
The acquisition targets Reap’s stablecoin-native card issuance and payments infrastructure. The companies expect the transaction to close in the second half of 2026, subject to regulatory approvals.
Reap operates from Hong Kong and builds payment systems for businesses using stablecoins. Its main product connects card networks, traditional finance rails, and stablecoin settlement through one API-driven platform.
The platform supports corporate card issuance, cross-border payouts, and treasury management. Businesses rely on it to move funds globally while using stablecoins as the settlement layer.
The deal gives Payward a deeper position in stablecoin-powered payments. It also adds infrastructure that links crypto services with card networks and banking systems.
Arjun Sethi, Co-CEO of Payward, said finance continues to move toward continuous markets, programmable money, and autonomous execution. He described stablecoins as the settlement substrate for that system.
Sethi also pointed to Payward’s existing platform reach. He said Kraken launched in 110 countries on its first day, while xStocks crossed $29 billion in cumulative volume during its first year.
Reap nearly tripled its revenue and volumes in 2025, according to its CEO, Daren Guo. The company also expanded its licensing footprint from Asia to South America.
Guo said stablecoins in card payments represent one of the largest real-world crypto applications today. He also said Reap wants to connect stablecoin cards with broader crypto-native financial services.
The acquisition creates a wider regulatory footprint for both companies. Reap’s licenses help Payward expand across Asia-Pacific and the Americas.
At the same time, Payward’s EU and U.S. licenses open new corridors for Reap. That gives Reap a route into European and American markets where it does not currently operate.
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The companies plan to extend stablecoin-powered payments infrastructure into high-growth markets. Their target regions include the Middle East, North Africa, and Latin America.
Reap also participates in the Global Dollar Network. That connection places the company closer to stablecoin settlement infrastructure used across digital finance markets.
The acquisition follows Payward’s recent purchases of NinjaTrader, Bitnomial, and Backed. Together, the deals show Payward’s focus on adding specific platform capabilities.
Payward operates on a shared architecture covering liquidity, risk, margin, collateral, settlement, compliance, and licensing. Reap will join that ecosystem while keeping its own platform structure.
Reap will continue to operate as a standalone platform within Payward. The company will retain its leadership team, brand, and go-to-market approach.
Payward’s planned $600 million acquisition of Reap Technologies expands Kraken’s parent company into stablecoin card issuance, cross-border payouts, and payments infrastructure. The deal strengthens both companies’ regulatory reach across APAC, Europe, the U.S., and Latin America, while Reap continues operating under its own brand.
