Payward, the parent company of cryptocurrency exchange Kraken, has signed a definitive agreement to acquire Reap Technologies for up to $600m.
Headquartered in Hong Kong, Reap Technologies provides stablecoin-focused card issuing and payments infrastructure, supporting cross-border and business payments.
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Under the terms of the agreement, Payward will pay the consideration in a mix of cash and stock. The transaction values Payward’s equity at $20bn.
Reap provides card issuing and cross-border payments infrastructure designed to connect traditional financial systems with digital assets.
The company combines card networks, traditional finance rails, and stablecoin-based settlement through an API-driven platform. It supports corporate card issuance, card programmes, cross-border payouts, and treasury management.
Payward said the deal is intended to expand Payward Services, its B2B infrastructure platform. The company said the acquisition would add regulated capabilities for card issuance and stablecoin payments.
It positioned Payward Services as a single integration point for partners building financial products. The infrastructure covers crypto trading, custody, tokenised assets, on- and off-ramps, and derivatives.
The company said Reap would extend the platform into cards and payments, enabling partners to add card issuing, cross-border payments, and stablecoin treasury services alongside existing Payward capabilities.
Payward co-CEO Arjun Sethi said: “Reap is the payments layer for what comes next. 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. The next financial product will not be assembled. It will be deployed.”
Reap co-founder and CEO Daren Guo said: “What’s next is for us to connect stablecoin cards and payments to a full suite of crypto-native financial services to power scale, regulatory reach, and distribution for our clients.
“Joining Payward was a natural step to accelerate the future of finance and build category-disrupting offerings in web3, agentic commerce and more.”
Payward said the combination would expand regulatory coverage across several regions. It said Reap’s existing licences would support Payward’s expansion across APAC and the Americas, while its EU and US licences would help Reap expand in Europe and the US.
Reap will continue to operate as a standalone platform within the Payward ecosystem. The company will retain its leadership team led by Daren Guo.
The transaction is subject to customary closing conditions and regulatory approvals. The companies expect the deal to close in the second half of this year.
The Reap deal marks Payward’s second major acquisition announced recently. Last month, it acquired US derivatives exchange Bitnomial for $550m.
