Payward, the parent company behind Kraken, said it has entered a definitive agreement to acquire Reap Technologies Holdings for up to $600 million in cash and Payward stock, adding a stablecoin-focused payments stack to its broader financial infrastructure business.

According to Reap's May 7 announcement, the deal would bring card issuing, cross-border payments, and stablecoin treasury services into Payward Services, the company's B2B platform for trading, custody, tokenized assets, on- and off-ramps, and derivatives. The companies said the transaction is subject to regulatory approvals and other customary closing conditions, with closing expected in the second half of 2026.

The clearest verified takeaway is structural rather than promotional: Kraken's group is continuing to assemble regulated infrastructure beyond the exchange itself. Reap already operates stablecoin-enabled payments products and has built licensing coverage across parts of Asia and the Americas, which Payward said would help expand its regional footprint.

CoinDesk, citing Bloomberg, reported that this is Payward's first infrastructure acquisition in Asia. That makes the move notable for stablecoin market plumbing, not just corporate M&A. Instead of launching a new payments product from scratch, Payward is buying an existing cross-border and card-issuing stack that already connects traditional payment rails with stablecoin settlement.

If the deal closes, it would give Kraken's parent a tighter position in one of the more practical crypto infrastructure markets: business payments that move between fiat systems, cards, and onchain dollars.