Payward, the parent company of crypto exchange Kraken, has signed a definitive agreement to acquire Reap Technologies Holdings, a Hong Kong-based stablecoin-native card issuance and payments infrastructure company, for up to $600 million in a mix of cash and Payward stock. The deal values Payward’s equity at $20 billion, according to an announcement published Thursday.
The deal is expected to close in the second half of 2026, subject to regulatory approvals.
Reap’s core product is an API-driven infrastructure stack that connects card networks, traditional finance rails, and stablecoin-native settlement in a single integration. The platform supports corporate card issuance, cross-border payouts, and treasury management, and is used by businesses looking to move money globally using stablecoins as the settlement layer. Reap nearly tripled revenue and volumes in 2025, according to its CEO, and holds licenses across Asia and South America.
For Payward, the deal extends its B2B infrastructure platform — Payward Services — into cards and payments, a capability gap the company has not previously addressed through its own stack. Payward Services currently gives business partners a single integration point for crypto trading, custody, tokenised assets, on/off-ramps, and derivatives. Reap’s card issuance and cross-border payment capabilities will be made available to the platform’s 1,900 B2B partners alongside those existing services, without requiring separate vendor relationships.
Co-CEO Arjun Sethi framed the acquisition in terms of the infrastructure demands of an agentic, stablecoin-powered economy. “Reap is the payments layer for what comes next,” he said. “Card networks, banking rails, and blockchains on a single API, settling in stablecoins. The infrastructure for that world has to be open, regulated, and operational at global scale on Day 1.”
Reap co-founder and CEO Daren Guo pointed to the scale of the underlying market. “The global stablecoin and crypto card market now exceeds $18 billion annually,” he said, adding that the combination with Payward would allow Reap to connect stablecoin card payments to a broader suite of crypto-native financial services spanning Web3, agentic commerce, and beyond.
The regulatory dimension of the deal is also significant. Reap’s existing licences accelerate Payward’s expansion across APAC and Latin America, while Payward’s EU and US licences open new corridors for Reap in markets where it does not currently operate. The combined entity is positioning to extend stablecoin-powered payments infrastructure into MENA and Latin America as high-growth targets.
Reap will continue to operate as a standalone platform within the Payward ecosystem, retaining its leadership team, brand, and go-to-market approach. The acquisition is the fourth capability-focused transaction Payward has made in the current cycle, following its acquisitions of NinjaTrader, Bitnomial, and Backed.
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