Payward Inc., the company behind the Kraken cryptocurrency exchange, said it will buy Hong Kong-based Reap Technologies Holdings in a deal worth up to $600 million. The transaction, a mix of cash and stock, values Payward at $20 billion and is aimed at building out stablecoin payment infrastructure.
The target: Reap Technologies
Reap Technologies is a payment platform that works with both crypto and traditional finance. The firm has operations in Hong Kong and other Asian markets. Payward sees the acquisition as a way to integrate stablecoin payment rails directly into its existing exchange and wallet services.
Why stablecoin rails matter
Stablecoins — digital tokens pegged to assets like the U.S. dollar — are increasingly used for cross-border payments and settlement. Payward wants to build its own infrastructure to process those transactions, reducing reliance on third-party networks. The $600 million price tag reflects the company's bet that stablecoin-based payments will grow sharply in the coming years.
Deal structure and valuation
Payward is paying up to $600 million in a combination of cash and stock for Reap Technologies. The deal gives Payward an enterprise value of $20 billion. That valuation places the company among the most valuable private firms in the crypto sector, alongside rivals like Coinbase, which trades publicly.
The acquisition is expected to close later this year, subject to regulatory approvals. Payward has not disclosed how much of the $600 million is cash versus stock, or whether the deal includes performance-based earnouts.
For now, Kraken customers won't see immediate changes. The integration will happen behind the scenes as Payward connects Reap's payment systems to its own. Over time, users may gain access to faster, cheaper ways to move stablecoins on and off the exchange, though the company hasn't detailed specific features or timelines.
