Kraken parent Payward is buying stablecoin provider Reap as stablecoin payments move deeper into regular business finance.
Parent company of Kraken, Payward, acquires stablecoin payment firm Reap worth $600 million amid growing adoption of stablecoin payments in mainstream financial transactions.
The deal is being paid in cash and stock, Bloomberg has learned, referring to Arjun Sethi, co-CEO of Payward and Kraken.
According to the report, to finance the deal, Payward is issuing stock at a $20 billion valuation.
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Kraken Moves Deeper Into Payments
Reap is a Hong Kong-based stablecoin payments firm led by Daren Guo, who previously launched Stripe’s Asia Pacific business, and Kevin Kang, a former investment banker.
The company raised $40 million in a Series A round in 2022 and said at the time it had more than 20,000 clients. The latest acquisition represents the first ever deal made by Payward within Asian region and ranks third after other two major deals.
- In 2025, Payward struck a $1.5 billion deal to buy futures trading platform NinjaTrader.
- In April 2026, it followed up with an agreement to acquire crypto derivatives exchange Bitnomial for as much as $550 million.
Payward also confidentially filed for an IPO late last year and raised $800 million in the same period, with a later funding tranche reportedly valuing Kraken’s parent at $20 billion.
In mid-April, German stock exchange operator Deutsche Börse also bought a $200 million stake in Payward in April. Bloomberg calculated that the investment, which represented a 1.5% fully diluted stake, implied a lower value of about $13.3 billion.
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