Payward Inc., the parent company behind the cryptocurrency exchange Kraken, has agreed to acquire Reap Technologies for $600 million in cash and stock. Kraken co-CEO Arjun Sethi confirmed the terms directly to Bloomberg. The deal, which values Payward at roughly $20 billion, gives Kraken immediate access to regulated payment infrastructure across Hong Kong, Singapore, Mexico, and emerging markets in Asia, Latin America, and Africa.
What Reap brings to Kraken
Reap specializes in stablecoin-native payment infrastructure built on USDC rails. Its services include cross-border settlements, treasury management tools, and corporate card offerings. The company was profitable in 2025 and had raised approximately $60 million before the acquisition. Reap also participates in the Global Dollar Network, a move that aligns with Kraken's broader push into stablecoin settlement and embedded finance.
Regulatory approvals still pending
The transaction is not yet complete. It awaits regulatory approvals in Hong Kong and Singapore, with closing expected within months. Neither Kraken nor Reap has issued a formal public announcement about the acquisition as of publication. The lack of a press release suggests both companies are moving cautiously through the approval process before going public with details.
Why Kraken is buying now
Kraken has been expanding its services beyond basic crypto trading. Adding Reap's infrastructure lets the exchange offer businesses direct access to stablecoin-based payment tools in regions where digital dollar usage is growing fast. The acquisition also brings Kraken into new regulated markets without having to build payment licenses from scratch.
Reap's existing corporate card and treasury tools give Kraken a ready-made product suite for companies that want to settle cross-border payments in USDC. The Global Dollar Network connection means those payments can flow through a network already designed for stablecoin transactions.
The deal is one of the larger acquisitions in the crypto space this year, reflecting Kraken's bet that stablecoins will become a core part of business finance. Whether regulators in Hong Kong and Singapore clear the deal on schedule will determine how quickly that bet pays off.
