Payward to buy Hong Kong’s Reap for up to $600M

Payward, the parent company of crypto exchange Kraken, announced an agreement to acquire Hong Kong-based Reap Technologies for up to $600 million. The purchase will be paid in a mix of cash and Payward stock and values Payward’s equity at $20 billion.

The companies have signed a definitive agreement and expect the transaction to close in the second half of 2026, subject to customary regulatory approvals. According to Reap’s founders, the company will continue operating as a standalone platform after the acquisition.

The acquisition brings Reap into Payward Services, the company’s B2B infrastructure platform launched in March 2026. Payward Services lets corporate partners integrate trading, payments, funding and digital-asset services through a single system. Reap’s technology will add global card issuance, cross-border transfers and stablecoin treasury services to that platform.

Arjun Sethi, Payward and Kraken co-CEO, described Reap as ‘the payments layer for what comes next,’ calling its API a bridge between card networks, banking rails and blockchains that settles in stablecoins. Sethi noted the deal is Payward’s first infrastructure purchase in Asia and among its largest transactions, and added Reap’s regional reach could speed the company’s expansion into the U.S.

Reap was founded in 2018 by Daren Guo, a former Stripe Asia Pacific executive, and Kevin Kang, a former investment banker. The firm provides payment solutions that connect traditional financial systems with digital-asset flows and facilitate cross-border money movement for firms operating in multiple jurisdictions.

Payward framed the acquisition as part of a wider industry trend of crypto firms expanding beyond trading into payments infrastructure and stablecoin-based services. Stablecoins are being used by fintech companies and corporate treasuries for cross-border settlement and liquidity management.

The Reap deal follows Payward’s earlier purchases of Bitnomial, futures broker NinjaTrader and xStocks issuer Backed as the company builds out its B2B platform through targeted acquisitions.

If integrated, Reap’s technology will give Payward Services customers card issuance and settlement options that combine traditional banking rails with blockchain settlement, plus stablecoin treasury management. Payward stated those capabilities will let clients move funds, manage liquidity and offer payment products through a single technical stack.

Reap’s founders reiterated the transaction remains subject to regulatory approvals and other customary closing conditions. If the deal closes, Payward’s presence in Asia would increase and the company would add a payments-focused offering to its range of B2B services for institutions and fintech firms.