Payward Inc., the parent company of crypto exchange Kraken, has agreed to acquire Hong Kong-based payments infrastructure firm Reap Technologies in a $600 million cash-and-stock transaction. The acquisition will expand Kraken’s presence in Asia and add payments infrastructure to its business operations.
Payward said shares included in the transaction were valued at approximately $20 billion. The deal comes amid broader industry investment in payment networks and settlement infrastructure linked to blockchain systems.
Kraken parent @Payward is acquiring Reap, a payments infrastructure company connecting card networks, traditional finance rails, and stablecoin-native settlement into a single platform.@reapglobal expands @PaywardServices with globally regulated card issuance and stablecoin… pic.twitter.com/A3mf9p8thY
— Kraken (@krakenfx) May 7, 2026
Reap Focuses on Stablecoin-Powered Cross-Border Payments
Founded in Hong Kong, Reap develops payment software for cross-border transactions using stablecoins and blockchain-based settlement technology. The company provides tools for cross-border payments, treasury operations, and card issuance systems that connect traditional banking infrastructure with digital asset networks.
Some businesses have adopted stablecoins for international payments as an alternative to traditional banking networks. Use of dollar-backed stablecoins for trade settlement and treasury transfers has increased in parts of Asia in recent years.
The deal gives Kraken access to Reap’s payments operations in Asia, a region where digital asset adoption has increased in recent years. Kraken has recently expanded into additional digital asset services beyond its exchange business. Asia remains an active market for crypto companies involved in payments, remittances, and tokenized financial services.
Kraken Expands Beyond Crypto Trading
The Reap acquisition is part of Kraken’s broader effort to diversify its business beyond spot cryptocurrency trading. Crypto exchanges have faced increasing pressure from market volatility, lower retail activity during downturns, and tighter regulatory oversight across multiple jurisdictions. Several crypto firms have expanded into infrastructure and enterprise services as trading volumes have fluctuated.
Kraken has recently increased its focus on areas including stablecoin settlement, lending, institutional brokerage, payment infrastructure, crypto cash withdrawal services, and financial services for enterprise clients.
Stablecoin payment systems have drawn increased attention from financial firms in recent years. Payment infrastructure businesses typically generate transaction-based revenue from commercial payment activity.
Stablecoin Competition Intensifies Across Asia
The deal comes as more financial technology and crypto companies enter the stablecoin payments market. Financial technology firms, crypto exchanges, and payment providers are increasingly developing blockchain-based settlement systems as alternatives to traditional international payment rails. Regulators and financial firms have increased their focus on stablecoin-related payment systems in recent years.
Hong Kong has introduced digital asset licensing rules and proposed stablecoin regulations in recent years. The city has become an increasingly important base for firms building payment systems linked to digital assets, particularly for cross-border transactions involving Asian markets. The acquisition adds payment infrastructure to Kraken’s business. The transaction remains subject to regulatory approvals and customary closing conditions.
