Payward, the parent company of Kraken, has agreed to acquire Hong Kong–based Reap Technologies in a deal valued up to 600 million U.S. dollars in cash and stock, marking one of the more significant Asia‑oriented fintech acquisitions by a global crypto exchange. The transaction positions Kraken to expand its stablecoin‑driven B2B payments and card‑issuing infrastructure across Asia‑Pacific, Europe, and North America, as demand for faster, lower‑cost cross‑border settlement continues to grow.
From Exchange to Full‑Stack Payments Provider
Kraken says the acquisition will integrate Reap’s stablecoin settlement rails, corporate card‑issuing platform, and merchant‑oriented payment APIs directly into its institutional‑services division. Reap, founded in 2018, has built a reputation for enabling businesses to send, receive, and manage payments using stablecoins—particularly USDC—across borders, with card products and virtual accounts that support multi‑currency corporate flows.
Kraken’s leadership is framing the deal as a step toward becoming a full‑stack payments provider, not just a digital‑asset exchange, with an emphasis on stablecoin‑powered invoicing, cross‑border treasury flows, and enterprise settlement.
Stablecoin Infrastructure and Regulatory Footprint
Reap’s infrastructure is designed for high‑volume, multi‑currency corporate payments, with stablecoin‑based settlement for B2B transactions and tools that resemble corporate card‑issuing and treasury‑management services. The company holds regulatory relationships and payment‑related licenses in Hong Kong, Singapore, Mexico, and several other emerging markets, giving Kraken direct access to regulated card‑issuing and payment rails in those jurisdictions.
Kraken’s Institutional‑Payments Strategy
The acquisition aligns with Kraken’s broader strategy to:
- Expand enterprise‑grade payment and card‑issuing rails,
- Strengthen its stablecoin liquidity and settlement network,
- Compete more directly with established fintechs and payment providers in the B2B and cross‑border space,
- Build a global settlement layer that leverages stablecoins for speed and cost efficiency.
Kraken executives have indicated that Reap’s technology will be integrated into upcoming products for SMEs, fintechs, and multinational corporations seeking alternatives to traditional SWIFT‑style settlement; however, specific product timelines should be treated as roadmaps rather than guaranteed delivery dates.
Market Context and Cautious Caveats
The deal arrives amid rapid growth in stablecoin usage, with industry observers frequently citing overall stablecoin transaction volumes that some estimates place above 10 trillion dollars in the past year, though this figure should be treated as a general industry estimate rather than a precise, audited statistic. Businesses are increasingly using stablecoins for supplier payments, global payroll, treasury diversification, and cross‑border invoicing, a trend that Kraken’s acquisition of Reap is designed to tap.
The move signals that major crypto exchanges are moving beyond trading and custody to compete directly in global payments infrastructure—a sector long dominated by banks and card networks.
What comes next
Kraken plans to:
- Launch an expanded Kraken Business Payments suite later this year;
- Extend Reap’s services and card‑issuing capabilities into Europe and North America;
- Integrate stablecoin settlement and card‑issuing tools into its institutional API stack;
- Offer new capabilities around automated invoicing, multi‑currency billing, and real‑time corporate settlement.
Reap’s approximately 120‑person team is expected to join Kraken’s global payments division, with its co‑founders remaining in leadership roles focused on APAC operations.
