Payward, the company behind crypto exchange Kraken, is buying Reap Technologies for $600 million using cash and stock valued at $20 billion, according to a Thursday announcement.
Reap Technologies is a Hong Kong fintech firm specializing in stablecoin-powered payment rails and tools that support global business-to-business money movement.
The acquisition is Payward’s first infrastructure deal in Asia and will support new business-to-business products like card issuance and stablecoin payments. Co-CEO Arjun Sethi said that Asia is the fastest-growing market outside Europe in terms of both revenue and assets on the platform, and that Reap’s capabilities could be expanded into the US quickly.
According to Sethi, the future of finance is being shaped by continuous markets, programmable money, and autonomous execution, with stablecoins serving as the core settlement infrastructure and AI agents taking on a growing role in the ecosystem.
“Reap is the payments layer for what comes next. Card networks, banking rails, and blockchains on a single API, settling in stablecoins, licensed from Hong Kong to Mexico. 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,” he added.
Payward recently launched a B2B infrastructure platform offering stablecoin payments, trading, lending, and other crypto services to fintech firms, banks, brokerages, and businesses.
“Stablecoins in card payments are one of the largest real world applications today and Reap is proud to be leading the way. With the global stablecoin and crypto card market now exceeding $18 billion annually, Reap nearly tripled revenue and volumes in 2025, and expanded our licensing footprint from Asia to South America,” Reap CEO Daren Guo stated. “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.”
After settling its regulatory battle with the US SEC, the firm has moved more aggressively toward expansion. Its first major transaction in this new phase was the March 2025 purchase of NinjaTrader, its largest acquisition to date.
The latest move comes shortly after Payward entered into a definitive agreement to acquire Bitnomial, the first fully CFTC-licensed crypto derivatives company.
This is a developing story. Please check back for updates.
