Kraken, through its parent company Payward, is moving deeper into the payment infrastructure market. The company has agreed to acquire Hong Kong-based Reap Technologies for up to $600 million. The deal will be one of the group’s largest and will strengthen its position in the stablecoin payments and B2B services segment.
The market is gradually shifting from regular cryptocurrency trading to financial infrastructure. Exchanges are increasingly building systems for international transfers, settlements, and corporate payments.
Payward Becomes an Infrastructure Platform
The deal is directly linked to the development of Payward Services—a new Kraken initiative launched in March 2026.
The platform allows companies to connect digital asset trading, payments, account funding, and stablecoin operations through a single system. The acquisition of Reap expands this set of services.
Now Payward will be able to offer card issuance, international settlements, and corporate liquidity management within a single infrastructure.
Reap Gives Kraken Access to the Global Payments Market
Reap specializes in payment solutions for businesses. The company helps connect traditional banking systems with digital assets and cross-border transfers.
The key focus is integrating cards, banking rails, and blockchains into a single settlement model. This is what makes the asset especially valuable for Kraken.
According to Payward and Kraken head Arjun Seti, the next phase of the market will be built around API infrastructure, where blockchains, banks, and payment networks work together.
Stablecoins Become the Core of the New Model
The main goal of the deal is to develop stablecoin infrastructure. Kraken is betting that corporate settlements will gradually move to digital dollar assets.
This is especially important for cross-border operations. Stablecoins allow transfers to be made faster and cheaper than the traditional banking system. As a result, crypto exchanges are starting to compete not just with each other, but with payment companies and banks.
Asia Becomes a Key Growth Region
For Payward, the acquisition of Reap is also a way to strengthen its presence in Asia. Arjun Seti called the region the fastest-growing market after Europe.
The reason is high user activity and the development of digital payments. In Asia, crypto infrastructure is increasingly used in everyday settlements and international trade.
Reap has already built a local network of partnerships in the region. Kraken gets ready-made infrastructure instead of a long independent entry into the market.
Kraken Continues a Series of Major Acquisitions
The deal with Reap is part of Payward’s broader strategy. In recent months, the company has already acquired Bitnomial, NinjaTrader, and Backed.
Each acquisition strengthens a specific area. Bitnomial expands its presence in derivatives, NinjaTrader provides access to traditional market traders, and Backed is related to tokenized assets.
Now Kraken is adding payment infrastructure. The company is gradually turning into a multifunctional financial platform.
Exchanges Move Away from Trading Dependence
For crypto companies, this is a strategically important transition. Trading revenues remain cyclical and depend on market conditions.
Payments and infrastructure provide a more stable business model. That is why major players are actively developing the stablecoin and B2B solutions segment. This approach is already used by Coinbase, Circle, and Binance. Kraken is trying to keep up with the trend.
Cards and Stablecoins Bring Crypto Closer to Traditional Finance
The integration of card services shows how quickly the crypto industry is embedding itself into the regular financial system.
The user gets a familiar interface, while the blockchain acts as the settlement layer within the infrastructure. This is critically important for mass adoption. Stablecoins are becoming the connecting element between banks, cards, and digital assets.
The Corporate Market Becomes the New Priority
Previously, crypto exchanges mainly targeted retail traders. Now, more and more attention is being paid to businesses.
Companies are looking for faster international settlements, flexible liquidity management, and alternatives to slow bank transfers. Kraken is trying to occupy exactly this niche. Reap provides a ready technological base for working with corporate clients.
What Does This Mean for the Market
The deal shows how quickly the crypto industry is changing. The center of growth is gradually shifting from speculation to infrastructure and payments.
Stablecoins are becoming a key element of this transformation. Exchanges are starting to build ecosystems around settlements, cards, and cross-border operations. This increases competition with the traditional financial sector, especially in the international payments segment.
What Comes Next?
The deal is expected to close in the second half of 2026 after regulatory approval. If integration is successful, Kraken will be able to accelerate the development of its own B2B infrastructure and expand its presence in Asia. The next stage may be a more aggressive push for stablecoin payments in the US and Europe.
The market is gradually moving to a new model. The winners will not only be exchanges with high liquidity, but also companies that can combine blockchain, payments, and traditional financial services into a single system.
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