Crypto exchange Kraken buys payment provider Reap for $600 million for breakthrough in Asia

The Kraken cryptocurrency exchange (more precisely, its parent company Payward Inc.) has entered into an agreement to purchase the Hong Kong payment service Reap Technologies. The transaction amount is $600 million. This was exclusively reported by Bloomberg on May 7, 2026.

The acquisition will be one of the largest in Asia for an American crypto company. Reap specializes in cross-border and B2B payments based on stablecoins. With the deal, Kraken expects to strengthen its position in the fast-growing Asia-Pacific region, where demand for regulated digital payments continues to soar.

Conditions and evaluation

According to Arjun Sethi, joint CEO of Payward and Kraken, payment for Reap will be carried out by a combination of cash and own shares issuer. At the same time, Payward evaluates its shares as part of the transaction based on a capitalization of $20 billion . This approach allows us to maintain liquidity and at the same time motivate the Reap team to remain in the combined structure.

Reap Technologies itself is based in Hong Kong, a financial center that is increasingly regaining its status as a “crypto hub” after a series of regulatory reforms. The company provides businesses in Asia with access to stablecoin payments (USDC, USDT), as well as traditional fiat gateways. Reap's clients include online retailers, fintech startups and multinational corporations who need cheap and fast currency conversion.

Why Kraken Asia

For Kraken, the Asian direction is one of the priorities for 2026–2027. There are strong local players in the region (such as Japanese exchanges and Singaporean payment licensees), but there remains pent-up demand for regulated stablecoin payments . Reap already has established relationships with banks and PSP providers from South Korea to Australia.

“We are entering Asia not as a speculative platform, but as an infrastructure partner. Reap will give us thousands of businesses that need predictable transfers every day,” Sethi said in an interview with Bloomberg.

The deal also fits into Kraken’s strategy to diversify its income: from retail trading of cryptocurrencies to B2B services and issuing stablecoins.

What does this mean for the Russian market

For the Russian audience, the news is important from several points of view:

• Indirect access to Asia . Russian exporters and IT companies operating through the jurisdictions of Hong Kong or Singapore will potentially have a more stable route for cross-border payments (via Kraken + Reap stablecoins).
• Signal of market maturity . A major acquisition by a traditional exchange of a payment fintech for $600 million shows that the crypto industry is moving from hype to consolidation and merger with classic fintech.
• Regulatory reference . In the Russian Federation, an experiment with the use of stablecoins for foreign economic activity is still being discussed. The Kraken/Reap case is an additional argument that such tools are in demand and can be legally supported in friendly jurisdictions.

According to sources close to the negotiations, the deal is expected to close in the third quarter of 2026. It will require approval from competition authorities in Hong Kong and possibly Singapore (where Reap has a subsidiary payments license).

Technical details

Reap Technologies was founded in 2018. At the time of the purchase, the company was processing more than $2 billion per year in stablecoin transactions. Its early-stage investors included SOSV and Global Founders Capital. Integrating Reap into the Kraken infrastructure will allow exchange users to convert stablecoins into local Asian currencies (yen, yuan, won, rupees) without the participation of third-party correspondent banks.

Bloomberg Intelligence analysts note that the deal's multiple—about 0.3x of Reap's annual payment volume—looks conservative for the crypto sector. This indicates a rational assessment without overheating.

Summary

The purchase of Reap for $600 million is a key event for Kraken in 2026. It sends a clear signal: crypto exchanges no longer want to be just entry points into Bitcoin, they are building full-fledged payment networks. For Asia, this means increased competition for local players, and for Russian business — the emergence of another (albeit indirect) bridge for legal foreign trade transactions through stablecoins.

Xrust Crypto exchange Kraken buys payment provider Reap for $600 million for a breakthrough in Asia