Kraken Buys Reap for $600 Million as Asia Stablecoin Race Heats Up

Payward Inc., the parent company of crypto exchange Kraken, agreed to acquire Hong Kong-based payments firm Reap Technologies for $600 million in cash and stock. The move deepens Kraken’s push into Asia and accelerates its expansion beyond crypto trading into stablecoin-powered financial services.

The deal values Payward shares at roughly $20 billion, matching prior funding round estimates. Kraken co-CEO Arjun Sethi confirmed the terms directly to Bloomberg.

Kraken Expands Stablecoin Infrastructure

Reap specializes in stablecoin-native payment infrastructure for businesses, including cross-border settlements, treasury tools, and corporate card services tied to fiat and digital assets.

Its products, including Reap Card and programmable payment APIs, are designed around regulated stablecoin usage, primarily using USDC rails. The company operates across Hong Kong, Singapore, Mexico, and emerging market corridors spanning Asia, Latin America, and Africa.

The acquisition gives Kraken immediate access to regulated payment infrastructure in fast-growing markets instead of building those systems internally.

Why Reap Matters

Reap was already profitable in 2025 and had reportedly raised around $60 million before the acquisition. The company also participates in the Global Dollar Network, aligning with Kraken’s broader push into stablecoin settlement and embedded finance.

The acquisition follows Kraken’s aggressive expansion strategy over the past two years. Recent deals include the $1.5 billion acquisition of NinjaTrader, alongside investments in derivatives, tokenization platforms, and institutional finance infrastructure.

Kraken Official Site has not yet published a formal announcement, and Reap has also remained silent publicly as of publication time.

What’s Next for Kraken

The transaction is signed but still subject to regulatory approvals in jurisdictions including Hong Kong and Singapore. Closing is expected in the coming months.

Investors will now watch how Kraken integrates Reap’s payment rails into its institutional and prime brokerage products, especially as global competition around stablecoin payments intensifies.

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