Kraken acquires Reap Technologies

Payward has entered into a definitive agreement to acquire Reap Technologies Holdings, a stablecoin-native payments company, for up to $600 million. The transaction will be settled through a combination of cash and Payward stock and positions Payward's equity valuation at approximately $20 billion. This acquisition aims to bolster Payward's Business-to-Business infrastructure capabilities, enhancing its reach into global card issuance, stablecoin payments, and cross-border financial infrastructure.

Reap Technologies, which specializes in integrating traditional financial systems with blockchain-enabled payment solutions, will provide Payward with a robust API-driven platform. This platform supports corporate financial structures, including card issuance, cross-border payments, and treasury management. By incorporating Reap's technology, Payward intends to enrich its current service offerings, which include crypto trading, custody, tokenized assets, derivatives, and settlement infrastructure. Reap will continue to function independently within the Payward ecosystem, maintaining leadership under the guidance of Co-Founder and CEO Daren Guo.

This acquisition is strategically aimed at expanding Payward's global reach and enhancing its regulatory capabilities. Reap's existing licenses in the Asia-Pacific and Latin America regions will complement Payward's operations in the European Union and United States, paving the way for broader geographical expansion. The move aligns with Payward's ongoing acquisition strategy, following recent acquisitions of NinjaTrader, Bitnomial, and Backed.

In the context of the evolving financial landscape, this acquisition underscores the increasing adoption of stablecoins for treasury management and cross-border payment solutions. The stablecoin and crypto card market has reportedly surpassed $18 billion in annual volume. Reap's recent performance indicates significant growth, with revenue and volumes tripling in 2025. This transaction aims to connect stablecoin payments with a wider suite of crypto financial services, addressing the demand for scalable and regulated financial products.

The deal is subject to necessary regulatory approvals and customary closing conditions, with finalization expected in the second half of 2026. As regulatory frameworks continue to evolve, the successful integration of Reap's operations will be pivotal for Payward's ambitions in this rapidly changing sector.