Payward Acquires Reap for $600M in Major Stablecoin Payments Push

CHEYENNE, Wyo. – May 07, 2026 – Payward, Inc., the financial infrastructure giant and parent company of cryptocurrency exchange Kraken, has announced a definitive agreement to acquire Reap Technologies Holdings Limited for up to $600 million. The deal, a mix of cash and stock that values Payward at a staggering $20 billion, represents a bold strategic move to dominate the future of global B2B payments by integrating stablecoin-native technology.

The acquisition is set to supercharge Payward Services, the company's business-to-business infrastructure platform, by embedding Reap's sophisticated card issuing and cross-border payment capabilities. This allows Payward to offer a unified, API-driven solution for businesses seeking to bridge the gap between traditional finance and the burgeoning world of digital assets.

Building a Financial Super-Infrastructure

This acquisition is the latest and perhaps most telling move in Payward's aggressive strategy to construct what Co-CEO Arjun Sethi calls a "globally regulated superinfrastructure." Rather than just operating a user-facing exchange, Payward has been methodically acquiring the foundational components—the digital 'picks and shovels'—needed to power the next generation of finance.

The acquisition of Reap follows a string of high-profile, capability-focused purchases. These include the futures trading platform NinjaTrader, the CFTC-licensed crypto derivatives firm Bitnomial for up to $550 million, and Backed, the issuer of tokenized equities that now powers Kraken's xStocks product. Each deal has added a new, critical layer to Payward's B2B offerings, which span crypto trading, custody, tokenized assets, and derivatives.

Reap fills a crucial void in this ecosystem: global payments. With the acquisition, partners using Payward Services will be able to embed card issuance, manage cross-border payouts, and utilize stablecoin treasury services through a single integration point. This eliminates the need for businesses to stitch together multiple vendors and navigate fragmented infrastructure.

"Finance is moving in one direction. Continuous markets. Programmable money. Autonomous execution. Stablecoins are the settlement substrate," said Arjun Sethi in the official announcement. "Reap is the payments layer for what comes next. Card networks, banking rails, and blockchains on a single API, settling in stablecoins."

Stablecoins Move from Speculation to Utility

The deal serves as powerful validation for stablecoins, signaling their maturation from speculative trading instruments to essential tools for global commerce. The global market for stablecoin and crypto-enabled cards already exceeds $18 billion annually, a figure that is rapidly growing as businesses seek faster, more efficient, and transparent ways to move money across borders.

Reap has been at the forefront of this shift. The Hong Kong-based firm nearly tripled its revenue and transaction volumes in 2025, processing billions in stablecoin-funded flows. By focusing on regulated stablecoins like USDC and building a robust API that connects card networks to blockchain rails, Reap has carved out a leading position in a fiercely competitive market.

"Stablecoins in card payments are one of the largest real world applications today and Reap is proud to be leading the way," said Daren Guo, Co-Founder and CEO of Reap. He noted that joining Payward provides the scale, regulatory reach, and distribution needed to accelerate the development of new offerings in Web3 and what he termed "agentic commerce."

Reap's success demonstrates a clear market demand for what it provides: a bridge that allows businesses to operate in traditional currencies while settling transactions nearly instantaneously and at a lower cost using digital dollars. This acquisition gives Payward a direct and significant stake in this high-growth application of blockchain technology.

Navigating the Global Regulatory Chessboard

Perhaps the most strategic element of the acquisition is the creation of a complementary global regulatory footprint. In an industry defined by a complex and often contradictory patchwork of international laws, holding the right licenses in the right jurisdictions is a powerful competitive advantage.

Payward has spent recent years diligently securing regulatory approvals in key Western markets. Its subsidiary, Payward Ireland, holds an EU electronic money institution (EMI) license, a credential mirrored by a similar license from the UK's Financial Conduct Authority. In a landmark move, its Wyoming-chartered digital asset bank, Kraken Financial, became the first such entity to obtain a Federal Reserve account.

This expansion comes after a period of intense regulatory scrutiny in the U.S. After settling charges with the Securities and Exchange Commission (SEC) related to its staking services in 2023, the company saw a separate civil enforcement action from the agency dismissed with prejudice in March 2025, clearing the way for this new phase of aggressive, regulated expansion.

Reap, meanwhile, brings a robust licensing footprint across Asia and Latin America. This immediately opens new corridors for Payward in high-growth markets. Conversely, Payward's licenses in the EU and US will provide Reap with access to two of the world's largest economies. The combined entity will be uniquely positioned to offer seamless, compliant payment services across a vast global territory, a capability few of its rivals can match.

The Path Forward

Under the terms of the agreement, Reap will continue to operate as a standalone platform within the broader Payward ecosystem. Its leadership team, led by CEO Daren Guo, will remain in place, and the company will maintain its distinct brand and go-to-market approach while benefiting from Payward's deep infrastructure and global reach.

The transaction, which is still subject to customary closing conditions and regulatory approvals, is expected to be finalized in the second half of 2026. For Payward, which confidentially filed for an IPO and reported $2.2 billion in adjusted revenue for 2025, the acquisition is another clear signal of its ambition. It is no longer just a crypto company but a global financial infrastructure provider racing to build the rails for a new economic era.