Payward Inc., the parent company of Kraken, has agreed to acquire Hong Kong-based Reap Technologies for $600 million to expand into Asian stablecoin payments infrastructure, according to an announcement on Thursday.
The deal is being funded through a combination of cash and stock, with Payward issuing shares at a $20 billion valuation, Arjun Sethi, co-chief executive of Payward and Kraken, told Bloomberg.
Reap provides stablecoin-based cross-border and business payment services, connecting traditional financial systems with digital assets to facilitate cross-border money flows.
The firm is led by Daren Guo — who previously built Stripe’s Asia Pacific business — and former investment banker Kevin Kang. The acquisition is Payward’s first infrastructure deal in Asia and its third-largest overall, Sethi reportedly said. New business-to-business products expected from the combination also include card issuance and stablecoin payments.
Asia is now Payward’s fastest-growing market outside Europe, Sethi said, citing both platform revenue and assets as factors that could fuel a larger U.S. presence as well.
Reap fits into a B2B infrastructure platform that Payward launched this year, which offers stablecoin payments, digital-asset trading, and lending services to fintechs, banks, brokerages, and businesses that accept cryptocurrency payments.
The deal lands days after Payward closed its acquisition of CFTC-licensed derivatives exchange Bitnomial for up to $550 million, The Block reported.
That followed last year’s $1.5 billion purchase of retail futures platform NinjaTrader, the largest crypto-TradFi acquisition on record at the time.
Earlier deals have also included the token-vesting platform Magna, the tokenized-asset issuer Backed Finance, the CFTC-regulated derivatives venue Small Exchange, and the crypto prop trading platform Breakout. Payward reported $2.2 billion in adjusted revenue for 2025.
Kraken’s parent firm, Payward, confidentially filed for an initial public offering late last year.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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