Kraken Parent Payward Buys Reap for $600 Million

Payward Inc., the parent company of crypto exchange Kraken, has agreed to acquire Hong Kong-based stablecoin payments provider Reap Technologies for $600 million.

The transaction includes both cash and stock, with Payward issuing shares at a $20 billion valuation, according to co-CEO Arjun Sethi. That valuation matches the figure the firm announced when it raised $800 million in November ahead of filing for an IPO.

Reap Technologies operates as a cross-border payments provider that uses stablecoins to facilitate international business transactions. The company has built infrastructure specifically designed for Asian markets, where demand for cryptocurrency-based payment solutions continues to grow.

The acquisition positions Payward to expand its footprint beyond crypto trading into payment services across Asia. Reap's existing stablecoin infrastructure allows businesses to send cross-border payments without traditional banking intermediaries.

The deal reflects broader industry consolidation as exchanges seek to diversify revenue streams beyond trading fees. Crypto exchanges have increasingly targeted Asian markets through acquisitions and partnerships as regional demand for digital asset services grows.

Stablecoin adoption has accelerated across Asia for both retail remittances and corporate trade payments. The Reap deal marks Payward’s second major acquisition announced in the last month, following its $550 million addition of derivatives exchange Bitnomial.

That deal was completed last week, Payward said, with Kraken launching CFTC-regulated spot margin trading on Wednesday via the licenses acquired with Bitnomial.