Payward to buy Reap for up to $600M to add stablecoin cards
Payward, parent of Kraken, will acquire Hong Kong-based Reap for up to $600 million in cash and stock to add stablecoin card issuance and cross-border payments.
Payward Inc., the parent company of crypto exchange Kraken, agreed to acquire Hong Kong-based Reap Technologies for up to $600 million in a combination of cash and stock. The deal, announced Thursday, values Payward at $20 billion and is expected to close in the second half of 2026.
Reap built a single-API payments platform that links card networks and banking systems with stablecoin settlement. The company supports corporate card issuing, cross-border payouts and treasury management for businesses operating across Asia, South America and other regions.
Reap reported that it nearly tripled revenue and transaction volumes in 2025 and expanded its licensing footprint from Asia into South America.
Payward said the acquisition will fold Reap’s card and payments infrastructure into Payward Services, its B2B platform. Payward Services currently offers partners a single integration for crypto trading, custody, tokenized assets, fiat on- and off-ramps and derivatives; the deal will add global card issuance and stablecoin-powered cross-border payments.
The companies described a combined technical architecture that uses a single global liquidity pool, one risk and margin engine, one collateral and settlement system, and a unified compliance and licensing framework.
Arjun Sethi, co-CEO of Payward, called stablecoins the “settlement substrate” for a financial system moving toward programmable money and autonomous execution, and cited recent platform milestones including Kraken’s global launch and xStocks’ early trading volume.
Daren Guo, Reap’s co-founder and CEO, said the global stablecoin and crypto card market exceeds $18 billion annually and that Reap’s expansion and revenue growth in 2025 position the company to connect stablecoin cards to a wider set of crypto-native financial services. Guo will continue to lead Reap as a standalone platform and keep the company’s brand and go-to-market strategy.
The transaction combines regulatory footprints: Reap’s Asia-Pacific licenses are intended to support Payward’s expansion across APAC and the Americas, while Payward’s U.S. and EU licenses are expected to open corridors for Reap in Europe and the Americas. The companies said they plan to extend stablecoin payment infrastructure into the Middle East, North Africa and Latin America. Reap is a participant in the Global Dollar Network.
The acquisition follows Payward’s recent purchases of NinjaTrader, Bitnomial and Backed as the company expands Payward Services’ capabilities. Payward and Reap said the combined offering will allow partners to embed card issuance, cross-border payments and stablecoin treasury tools alongside trading and custody through a single integration.
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