TL;DR:
- Payward agreed to acquire Hong Kong-based Reap for up to $600 million in cash and stock, valuing Payward’s equity at $20 billion.
- The deal expands Payward Services by adding card issuing, cross-border payments and stablecoin treasury tools to its B2B infrastructure platform for partners.
- Reap will remain standalone inside Payward’s ecosystem, while closing is expected in the second half of 2026, pending approvals and customary conditions as the next step.
Payward, the parent company of Kraken, said it has entered a definitive agreement to acquire Hong Kong-based Reap Technologies Holdings Limited for up to $600 million in cash and Payward stock. The transaction values Payward’s equity at $20 billion and extends the company’s push from crypto exchange services into payments infrastructure. A stablecoin payments acquisition is the headline, but the larger story is strategic plumbing: Payward is buying a company built around card issuing, cross-border payments and stablecoin-native settlement, precisely where digital assets start looking less like market speculation and more like back-office financial machinery for global businesses.
Payward Pushes Deeper Into B2B Payments
The deal is designed to expand Payward Services, the company’s B2B infrastructure platform, by adding Reap’s cards and payments capabilities to existing services covering crypto trading, custody, tokenized assets, on/off-ramps and derivatives. One integration point is the enterprise pitch, giving partners a way to embed card issuance, cross-border payments and stablecoin treasury tools without stitching together several vendors. That may sound operational, even dry, but it is central to how crypto infrastructure moves into mainstream finance. Institutions rarely buy fragmented systems when payments, custody, settlement and compliance must work in a single controlled environment.
Reap’s stack connects card networks, traditional finance rails and stablecoin settlement through API-driven infrastructure supporting corporate cards, card programs, payouts and treasury management. Stablecoins are moving into business workflows, not just retail crypto wallets, and Payward is clearly positioning Reap as a payments layer for that shift. Reap said stablecoin-enabled corporate cards and cross-border payments already form part of its business, while its 2025 activity included billions in stablecoin-funded transaction flows. The perplexing part is that stablecoins are often framed as future infrastructure, yet here they are being folded into conventional corporate payment products.
The transaction also broadens Payward’s geographic and regulatory footprint, with Reap’s licenses supporting expansion across APAC and the Americas, while Payward’s EU and U.S. licenses open new corridors for Reap. Reap will remain a standalone platform inside Payward’s ecosystem, keeping its leadership, brand and go-to-market approach. The deal follows Payward’s acquisitions of NinjaTrader, Bitnomial and Backed, reinforcing a capability-focused buildout rather than a single-product strategy. Closing is expected in the second half of 2026, subject to customary conditions and regulatory approvals, making regulatory execution the next milestone.
