Kraken Parent Payward Acquires Hong Kong Payments Firm Reap in $600M Deal

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Reap Technologies Holdings, a Hong Kong-based stablecoin payments infrastructure firm, in a deal worth up to $600 million. The transaction, structured as a mix of cash and Payward stock, values Payward at $20 billion and is slated to close in late 2026 pending regulatory approvals.

Reap’s API-driven platform bridges card networks, traditional finance rails, and stablecoin settlements—a strategic fit for Payward’s B2B infrastructure arm. The target’s revenue nearly tripled in 2025, fueled by demand for corporate card issuance and cross-border stablecoin payments across licensed Asian and South American markets.

The acquisition marks Payward’s first major move into card-linked payment solutions, complementing its existing crypto trading, custody, and derivatives offerings. Reap’s technology will integrate with Payward Services, expanding its institutional product suite ahead of anticipated 2027 regulatory tailwinds for stablecoin adoption.