Kraken's Parent Payward Snaps Up Hong Kong's Reap Technologies for $600M!

Payward Inc., the parent company of crypto exchange Kraken, has agreed to acquire Hong Kong-based Reap Technologies in a deal valued at $600 million, according to Bloomberg. The transaction implies a $20 billion valuation for Payward's issued shares.

Reap specializes in stablecoin-based cross-border payments and business payment infrastructure — it already underpins the rails for numerous crypto-linked "U cards" used across the industry. The acquisition signals Payward's intent to move well beyond spot trading and into the payments stack that stablecoins are increasingly powering.

The deal lands as stablecoin infrastructure becomes a serious battleground for both crypto-native firms and traditional financial players, with cross-border B2B payments seen as one of the clearest near-term use cases for dollar-pegged assets.