Kraken Buys Reap for $600M, Eyes Asia Expansion and IPO Readiness

by

Kraken to buy stablecoin payments firm Reap in $600 million deal: BloombergFinance

What to know:

  • Kraken parent Payward agreed to acquire Hong Kong-based stablecoin payments firm Reap Technologies in a $600 million cash-and-stock deal that values Payward at $20 billion and marks Kraken’s first infrastructure acquisition in Asia.
  • Reap, founded by former Stripe Asia-Pacific lead Daren Guo and ex–investment banker Kevin Kang, provides cross-border business payments infrastructure that links traditional finance with digital assets, with a focus on stablecoin-powered settlement.
  • The Reap deal follows Payward’s up-to-$550 million acquisition of U.S. derivatives platform Bitnomial and comes as Kraken co-CEO Arjun Sethi says the company is about 80% ready for an IPO and is targeting rapid expansion in both Asia and the United States.

Payward, the company behind the cryptocurrency exchange Kraken, is buying Reap Technologies, a firm specializing in stablecoin payments, for $600 million. The deal will be paid for with both cash and company stock, according to Bloomberg, which cited Payward and Kraken co-CEO Arjunt Sethi.

The deal values Payward at $20 billion and represents Kraken’s first purchase of infrastructure in Asia, the report states. Bloomberg reported that Sethin also mentioned this is Kraken’s third-biggest acquisition overall.

Reap, a Hong Kong-based company, simplifies international and business payments by bridging the gap between traditional finance and digital currencies. They specialize in using stablecoins to make settling payments and handling business-to-business transactions easier.

According to Sethi, Asia is currently the fastest-growing market, seeing growth in both revenue and the value of assets on their platform, when excluding Europe. He also stated that they’ve already achieved success in Asia and could quickly expand into the US with the right partnership.

At the Consensus Miami 2026 conference on Tuesday, Kraken CEO Sethi revealed the company is nearly ready to become publicly traded, estimating they’re about 80% prepared for an IPO. This announcement came alongside news of a new partnership with MoneyGram, which Kraken hopes will make it easier for more people to access cryptocurrency.

The announcement of the Reap deal comes after Payward’s April 17th agreement to buy Bitnomial, a digital asset derivatives platform, for as much as $550 million. This deal, a mix of cash and stock, values Payward at $20 billion. Bitnomial, which was established over ten years ago, is the first cryptocurrency company to obtain all three licenses needed to offer a complete range of derivatives trading in the U.S., including approvals for contract markets, clearing organizations, and futures commissions. This purchase allows Payward to quickly expand its presence in the U.S. without years of navigating complex regulations.

Kraken is growing its presence in Asia with a new purchase, as the region quickly becomes a leader in cryptocurrency and stablecoin use.

Reap was created by Daren Guo, who used to lead Stripe’s expansion in the Asia-Pacific region, and Kevin Kang, a former investment banker, as stated on the company’s website.

Read More

2026-05-07 16:00