Payward Inc., the parent company behind the crypto exchange Kraken, has bought Reap Technologies in a deal worth as much as $600 million in cash and stock. The acquisition values Payward at $20 billion, the companies said. Reap builds infrastructure for stablecoin-based card issuing and payments — a piece of the crypto economy that's been growing fast.
What Reap brings
Reap Technologies is a stablecoin-native platform. That means it lets businesses issue payment cards and process transactions using stablecoins — cryptocurrencies pegged to assets like the U.S. dollar — rather than traditional banking rails. The company's tech sits between stablecoin issuers and merchants, handling settlement and compliance. It's a niche that's attracted interest from other crypto firms looking to build bridges between digital assets and everyday spending.
Why Payward moved
For Payward, the deal expands its reach beyond Kraken's exchange and custody services into the payments layer. Stablecoin-based card issuing lets users spend crypto directly, which could drive more utility for the assets listed on Kraken. The acquisition also gives Payward a foothold in the infrastructure that powers a growing number of crypto debit cards and payment apps. Payward didn't say how it plans to integrate Reap's technology, but the move signals a bet that stablecoin payments will become a bigger part of the financial system.
Deal mechanics and valuation
Payward is paying up to $600 million, a mix of cash and stock. The final price depends on performance targets, the companies said. The $20 billion valuation for Payward reflects the size of the combined business — Kraken is one of the oldest and largest crypto exchanges, with a strong presence in the U.S. and Europe. The acquisition is expected to close in the coming months, subject to regulatory approvals. Neither company disclosed the specific regulators involved.
Payward will need to integrate Reap's operations and navigate the patchwork of payment and crypto rules in different jurisdictions. The deal also comes as stablecoins face increased scrutiny from lawmakers and regulators in the U.S. and the European Union. Whether the acquisition accelerates Kraken's push into payments — or draws more regulatory attention — remains an open question.
