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yesterday

Kraken Parent Payward to Buy Hong Kong’s Reap for Up to $600 Million

The purchase anchors Payward’s deal stock at a $20 billion valuation.

Kraken buys hong kong stablecoin firm reap for $600 million in asia push
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Kraken parent strikes $600 million deal to acquire Asian stablecoin firm Reap
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Overview

  • Payward, which announced the deal Thursday, signed a definitive agreement to acquire Reap for up to $600 million in cash and stock with shares priced at a $20 billion equity value.
  • Reap runs stablecoin-native payment rails that let businesses issue corporate cards, send cross-border payouts, and manage treasury using APIs built around USDC across markets like Hong Kong, Singapore, and Mexico.
  • The deal fits Payward’s push to build a regulated, full-stack platform beyond trading through acquisitions such as NinjaTrader, Bitnomial, and Backed.
  • Reap will keep its brand and leadership inside Payward, and its services will plug into Payward Services for partners that want card issuance, cross-border payments, and stablecoin treasury tools.
  • Closing depends on regulatory approvals in relevant jurisdictions, including Hong Kong and Singapore, and the companies expect to complete the transaction in the second half of 2026.