Kraken Parent Payward Acquires Stablecoin Payments Firm Reap for $600 Million
Payward is the parent company of cryptocurrency exchange Kraken. Hong Kong-based Reap Technologies provides infrastructure for stablecoin-powered corporate cross-border payments, card issuance and settlement. The acquisition connects Payward Services with traditional payment networks, digital assets and real-time on-chain settlement. It is also Payward’s first acquisition of an infrastructure provider in Asia, advancing its expansion from trading services into global corporate payments.
Payward announced the transaction on May 7, 2026, and completed the acquisition on July 1. The consideration is worth up to $600 million and will be paid in cash and Payward shares, with the stock valued based on a $20 billion equity valuation. Reap will retain its brand, management team and independent operating model. Its card-issuing and cross-border payment capabilities will be integrated into Payward Services to support expansion across Asia-Pacific, the Americas and Europe.
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The history behind this eventKraken Parent Payward Seeks Funding at $20 Billion Valuation Ahead of IPO
Payward, the parent of cryptocurrency exchange Kraken, which was founded in 2011, is expanding in derivatives, payments and stablecoins to reduce its reliance on spot trading. Its fundraising valuation and operational streamlining will directly affect the pricing of a future U.S. IPO and investor confidence.
Payward was reported on May 8, 2026, to be in talks for a new funding round at a $20 billion valuation. On May 14, reports emerged that it was cutting about 150 jobs, equivalent to 5% of its workforce of nearly 3,000. The company is also pursuing acquisitions, buying Bitnomial for $550 million and Reap for $600 million as it broadens its business ahead of a listing.
Kraken Parent Payward Acquires Crypto Derivatives Exchange Bitnomial for $550 Million
Bitnomial is a U.S. crypto-native derivatives exchange with three types of CFTC authorization: futures commission merchant, designated contract market and derivatives clearing organization. The acquisition allows Payward to integrate trading, brokerage and clearing, reducing its reliance on third-party platforms and expanding Kraken's presence in regulated U.S. markets.
Payward announced the acquisition agreement on April 17, 2026, and completed the transaction on May 1. It paid up to $550 million in cash and stock, with Payward equity valued at $20 billion for the deal. The company plans to launch spot margin services on Kraken and NinjaTrader first, followed by perpetual contracts and options.
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