Kraken parent company, Payward Inc., has agreed to acquire Hong Kong-based Reap Technologies for $600 million in cash and stock as the crypto exchange operator expands deeper into Asia’s stablecoin payments market, according to a report by Bloomberg.

Reap provides stablecoin-focused cross-border and commercial payment services for businesses. Payward co-Chief Executive, Arjun Sethi, said the shares issued in the transaction value the company at about $20 billion.

Sethi said the acquisition marks Payward’s first infrastructure deal in Asia and would help the company expand beyond crypto trading into business-to-business financial services, including card issuance and stablecoin payments.

CASE STUDY | U.S Crypto Exchange Pivots to Stablecoin Infrastructure Provider After ~80% Drop in Crypto Revenue in Q1 2026#Bakkt is also expanding its push into emerging-market payments after signing an MoU with #Zoth to scale compliant stablecoin-based remittance… pic.twitter.com/RkXiKrE53l

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The deal gives Kraken deep roots and access in Asia which happens to be one of the fastest-growing regions for stablecoin adoption wth a ready-made B2B payment stack.

The deal comes as crypto firms increasingly push into stablecoin-based payment infrastructure amid growing demand for faster cross-border settlements across Asian markets. Reap operates payment infrastructure designed for international business transactions using stablecoins.

The acquisition also extends Kraken’s recent dealmaking streak. Last month, Payward agreed to acquire derivatives exchange, Bitnomial, in a transaction valued at up to $550 million.

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