Payward Acquires Reap Technologies for $600M Stablecoins

Payward agrees to buy Reap Technologies for $600 million

Payward Inc., the parent company of crypto exchange Kraken, agreed to acquire Reap Technologies Holdings Limited for up to $600 million. The payment combines cash and Payward stock. Reap Technologies is a financial technology company based in Hong Kong. It provides stablecoin-based payment infrastructure for businesses. A stablecoin is a digital currency pegged to a fixed value, such as the US dollar, to reduce price volatility.

Reap operates cross-border payments across emerging markets

Reap Technologies provides cross-border payment services, corporate card solutions, and treasury management tools. Its systems settle transactions using stablecoins. The company operates in Hong Kong, Singapore, Mexico, and other emerging markets. Reap also supplies the payment infrastructure behind many crypto-linked debit cards, known as U cards, used across Asia.

"Payward is issuing stock at a valuation of $20 billion", 06 May 2026. — Arjun Sethi, Co-CEO, Payward / Kraken

Stock component values Payward at $20 billion

Part of the acquisition price is paid in Payward shares. Arjun Sethi, co-chief executive officer of Payward and Kraken, stated the stock component implies a $20 billion equity valuation for Payward. This figure aligns with estimates from previous Payward funding rounds. The deal has not yet closed and remains subject to standard closing conditions.

Acquisition targets stablecoin infrastructure in Asia

The purchase expands Payward's regulated infrastructure for card issuance and stablecoin payments across international markets. Payward stated the deal accelerates its expansion into Asia, Africa, and other emerging markets. Reap's card issuing and cross-border payment stack will integrate into Payward's existing services.