Payward acquires stablecoin-powered payment infrastructure Reap for $600M.
DeFi & Yields ·
Payward Inc., the parent company of crypto exchange Kraken, has agreed to acquire Hong Kong-based stablecoin payments provider Reap Technologies for $600 million, according to Bloomberg. The transaction combines cash and stock, with Payward issuing shares at a $20 billion valuation, the same figure announced when the firm raised $800 million in November ahead of an impending IPO filing.
Reap operates as a cross-border payments provider using stablecoins to facilitate international business transactions, with infrastructure built specifically for Asian markets where demand for cryptocurrency-based payment solutions is growing. The acquisition expands Payward's reach beyond crypto trading into payment services across Asia, allowing businesses to send cross-border payments without traditional banking intermediaries. The deal reflects broader industry consolidation as exchanges diversify revenue streams beyond trading fees.
This marks Payward's second major acquisition announced in recent weeks, following a $550 million deal for derivatives exchange Bitnomial that was completed the previous week. Kraken subsequently launched CFTC-regulated spot margin trading via the licenses acquired with Bitnomial. The timing underscores Payward's strategy to build integrated services across trading, derivatives, and stablecoin-powered payments in Asian markets.