Key points
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Payward is acquiring Reap Technologies for $600 million in combined cash and stock.
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The transaction provides Kraken with a stable stablecoin payment infrastructure in multiple regions.
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The acquisition advances Kraken’s expansion strategy in Asian and emerging markets.
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Reap’s card, treasury, and settlement systems are joining the Kraken platform.
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The deal represents Kraken’s strategic shift towards end-to-end payment solutions that go beyond digital asset trading.
Payward, the entity behind cryptocurrency exchange Kraken, has reached an agreement to buy Hong Kong-based fintech company Reap Technologies for $600 million. The acquisition mixes cash and stock components, with Payward shares valued at approximately $20 billion. This strategic move enables Kraken to enhance its stablecoin capabilities and establish a stronger foothold across Asian markets.
Strategic acquisition enhances stablecoin settlement capabilities
By purchasing Reap Technologies, Kraken is strengthening its position in the financial services sector that relies on stablecoins. Reap provides payment infrastructure that facilitates international settlements, manages corporate vaults, and issues merchant payment cards. The platform connects traditional payment networks with blockchain-based settlement mechanisms.
Reap has built its business model around compatible stablecoin applications, primarily leveraging USDC for settlement operations. The company maintains active operations throughout Hong Kong, Singapore, Mexico and several developing financial markets. This deal immediately gives Kraken access to licensed payment frameworks covering Asia, Latin America, and African territories.
Kraken It continues its evolution from a pure cryptocurrency exchange to a comprehensive financial infrastructure provider. The purchase also enhances Payward’s expanded business-facing solutions designed for fintech companies and banking institutions. Management intends to bring Reap’s payment technology to the US market.
Kraken co-CEO Arjun Sethi provided confirmation of the transaction to Bloomberg on Thursday. He described the Asian markets as witnessing the fastest growth in both revenue generation and platform assets outside of European operations. This represents Kraken’s inaugural infrastructure-focused acquisition within the Asian region.
Strong growth after regulatory decision
After settling regulatory matters with the US Securities and Exchange Commission, Kraken has significantly ramped up its acquisition efforts. The organization has executed several large trades over the past 24 months involving trading platforms and infrastructure companies. As a result, Kraken has expanded its operations to include derivatives markets, institutional financial services and asset tokenization.
Earlier in 2025, Kraken completed its $1.5 billion purchase of NinjaTrader. Additionally, the company has entered into an agreement to acquire Bitnomial, a comprehensively regulated cryptocurrency derivatives exchange in the United States. Bitnomial maintains regulatory permissions covering futures contracts, clearing operations and trading services.
Kraken Positions stablecoins as essential components of emerging financial infrastructure and payment settlement frameworks. Payward recently introduced business-oriented offerings that include stablecoin payments, credit facilities, trading services, and integrated cryptocurrency solutions. The Reap transaction aligns directly with Kraken’s expanding infrastructure and payment goals.
Prior to the public unveiling of this acquisition, Reap demonstrated significant expansion of its business throughout 2025. The company has nearly tripled its revenue streams and transaction volume while securing additional international licenses. Reap had already secured membership in the global dollar network before integrating into Kraken’s cutting-edge payment infrastructure.
Benefit from Asia’s expanding digital payment ecosystem
Kraken is constantly strengthening its operations in Asia as cryptocurrency adoption gains momentum in several regional markets. Stablecoin payment transactions have seen significant growth across Asia, Latin America, and developing economies around the world. Kraken Designated infrastructure development as a critical growth initiative within these regions.
Reap’s co-founders, Daren Guo and Kevin Kang, bring extensive financial services and experience to the payments industry. Guo previously led Stripe’s expansion efforts in the Asia Pacific region before founding Reap Technologies in Hong Kong. Kang’s background includes investment banking experience before moving into fintech ventures.
Kraken has yet to issue an official statement about the acquisition through its corporate channels. Likewise, Reap Technologies has not commented publicly following widespread media coverage of the deal. However, Bloomberg obtained direct confirmation from Kraken executives and representatives of Payward’s leadership.
