Kraken Parent Payward to Acquire Reap for $600M

Payward Inc., the parent company of cryptocurrency exchange Kraken, announced an agreement to acquire Hong Kong-based fintech firm Reap Technologies for approximately $600 million in cash and stock. The deal, which values Payward shares at around $20 billion, aims to bolster Kraken's capabilities in stablecoin-powered payments and cross-border financial services.

The transaction, confirmed by Payward co-chief executive officer Arjun Sethi, remains subject to regulatory approvals in jurisdictions including Hong Kong and Singapore. Completion is expected within the coming months. Reap specializes in payment infrastructure for businesses, offering tools for cross-border settlements, treasury management and corporate cards linked to both fiat currencies and digital assets. Its platform relies primarily on regulated stablecoin networks, such as those using USDC, and includes programmable payment APIs. The company operates in regions including Hong Kong, Singapore, Mexico and emerging markets across Asia, Latin America and Africa.

Reap, which reported profitability in 2025 and had raised about $60 million in prior funding, also participates in the Global Dollar Network, an initiative...