Payward to buy Hong Kong stablecoin firm Reap for $600M

Payward Inc., the parent of crypto exchange Kraken, agreed to acquire Reap Technologies for $600 million in a deal combining cash and stock. The company confirmed the shares issued in the transaction were priced at a $20 billion valuation.

Reap, based in Hong Kong, operates a payments platform that uses stablecoins to move funds across borders. Its infrastructure lets businesses send international payments with faster settlement than some traditional banking channels by reducing reliance on correspondent banks.

The company said the acquisition brings Reap’s stablecoin rails into Payward’s portfolio and is intended to expand services beyond trading into payment processing across Asian markets. Payward intends to integrate Reap’s technology with its existing operations to support corporate cross-border settlements.

The $20 billion valuation matches the figure Payward reported when it raised $800 million in November ahead of a planned IPO filing. Payment for Reap will be a mix of cash and equity.

This is Payward’s second major deal in recent weeks. The firm acquired derivatives exchange Bitnomial for $550 million, and Payward reported the Bitnomial transaction closed last week. Payward used licenses acquired with Bitnomial to launch CFTC-regulated spot margin trading on Kraken.

Reap has focused on Asian corridors where businesses and remittance services have increasingly used stablecoins for speed and lower costs. The company’s platform supports corporate trade payments and remittances across those routes.