Kraken has entered into a definitive agreement to acquire Reap Technologies, a stablecoin-native, card-issuing and payments infrastructure company, for up to $600 million payable in cash and stock.

The transaction values Payward, the parent company of Kraken, at $20 billion and will expand the company’s B2B infrastructure platform, unlocking globally regulated infrastructure for card issuance and stablecoin payments, the company said in a press release.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.

Payward is building a single platform for companies that want to offer modern financial products, from crypto trading and custody to tokenized assets and derivatives.

The acquisition allows Payward to expand into the global cards and payments space, giving partners a way to add card issuing, cross-border payments and stablecoin treasury services without stitching together multiple providers. 

“Finance is moving in one direction. Continuous markets. Programmable money. Autonomous execution. Stablecoins are the settlement substrate. AI agents are the new participants. We see the inflection on our own platform: Krak shipped to 110 countries on Day 1, xStocks crossed $29 billion in cumulative volume in its first year, 1,900 B2B partners run on Payward’s shared infrastructure today,” said Arjun Sethi, co-CEO of Payward. 

The acquisition gives both companies a stronger global regulatory presence that will help accelerate expansion into new markets, the announcement noted. 

As part of the deal, Reap's card issuing and cross-border payments capabilities will become available to Payward Services partners alongside Payward's liquidity, custody, and settlement infrastructure. Reap will continue operating as a standalone platform within the Payward ecosystem, keeping its leadership team, brand, and go-to-market strategy, while gaining access to Payward's global infrastructure and regulatory network.

Reap's licenses strengthen Payward's reach across APAC and the Americas, while Payward's regulatory footprint in the U.S. and Europe creates new opportunities for Reap to expand into those regions. Together, the companies are well-positioned to grow stablecoin-powered payments infrastructure across fast-growing markets in MENA and Latin America.

“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,” said Daren Guo, co-founder and CEO of Reap.

Payward has recently acquired companies such as NinjaTrader and Backed as it looks to expand its platform.

Last month, it was announced Payward signed a definitive agreement to acquire crypto-native exchange Bitnomial for up to $550 million, using a mix of cash and stock.

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