Kraken to Buy Reap Technologies for $600M to Step Up Stablecoin Push in Asia
Payward Inc., the parent of crypto exchange Kraken, has agreed to acquire Hong Kong-based payments firm Reap Technologies for $600 million in a mix of cash and stock, tightening Kraken's focus on Asia and accelerating its move beyond trading into stablecoin-enabled financial services.
Kraken co-CEO Arjun Sethi confirmed the deal terms to Bloomberg. The transaction implies a Payward equity valuation of about $20 billion, in line with figures cited in earlier funding rounds.
Reap builds stablecoin-native payment infrastructure for businesses, including cross-border settlement tools, treasury management features, and corporate card programs linked to fiat and digital assets. Its offerings include the Reap Card and programmable payment APIs designed for regulated stablecoin use, primarily on USDC rails. Reap operates in Hong Kong, Singapore and Mexico, and supports corridors across Asia, Latin America and Africa.
The acquisition gives Kraken immediate access to regulated payments infrastructure in high-growth markets, avoiding the time and cost of developing comparable systems internally.
Reap was profitable in 2025 and had raised roughly $60 million prior to the deal, according to reports. The company also participates in the Global Dollar Network, aligning with Kraken's broader effort to expand stablecoin settlement and embedded finance.
The purchase follows Kraken's dealmaking over the past two years, including the $1.5 billion acquisition of NinjaTrader, along with investments spanning derivatives, tokenization platforms and institutional finance infrastructure.
Neither Kraken's official site nor Reap had published a formal statement as of publication. The agreement has been signed and remains subject to regulatory approvals, including in Hong Kong and Singapore. Closing is expected in the coming months.
Investors are expected to focus on how Kraken integrates Reap's payment rails into its institutional and prime brokerage offerings as competition in stablecoin payments intensifies globally.
