Payward to Buy Reap for Up to $600M to Expand Stablecoin Payments
Payward, Kraken’s parent, agreed to acquire Reap for up to $600 million to add card issuance, cross-border payments and stablecoin treasury tools; the deal needs regulatory approval and is expected to close in H2 2026.
Payward, the parent company of crypto exchange Kraken, agreed to acquire Reap for up to $600 million. The transaction values Payward at about $20 billion. The deal is subject to regulatory approval and is expected to close in the second half of 2026.
Payward plans to integrate Reap’s payments and treasury technology with its trading, custody and liquidity infrastructure. The company said partners will be able to build payment and financial products through a single system rather than connecting multiple vendors.
Reap’s platform offers card issuance, cross-border settlement and stablecoin treasury tools. It links traditional banking rails, card networks and blockchain systems through a unified API. Reap’s technology is used for cross-border transfers, treasury management and settlement with stablecoins, and supports faster payments and greater transaction transparency across jurisdictions.
Reap holds regional licenses across Asia and Latin America. Payward already operates in the United States and Europe. Together the companies expect to offer payment and financial services across more markets without separate compliance arrangements for each jurisdiction.
The acquisition comes as crypto exchanges broaden their services beyond spot trading into payments, infrastructure and enterprise services. Adding card issuance and payment rails expands the range of products Payward can offer enterprise clients and developers working with stablecoin-based systems.
Financial terms call for an aggregate price of up to $600 million. Closing remains conditional on regulatory approvals. The companies have not provided a detailed integration timeline beyond the anticipated H2 2026 close.
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