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Kraken Acquires Stablecoin Card Company Reap
Kraken is acquiring a leading stablecoin card platform Reap in a $600M deal as stablecoin payments gain popularity worldwide.
Kraken buys Reap to scale stablecoin cards globally (Kyle Yen / Unsplash)
Kraken will be acquiring Reap for $600M.
The global exchange is set to purchase the stablecoin company as stablecoin card payments go global. Kraken's parent company Payward is going ahead with the deal, offering Reap's team a compensation featuring both cash and stock. The acquisition is likely to be final later this year.
Reap Co-founder and CEO Dan Guo expressed:
"What’s next is for us to connect stablecoin cards and payments to a full suite of crypto-native financial services to power scale, regulatory reach, and distribution for our clients. Joining Payward was a natural step to accelerate the future of finance and build category-disrupting offerings in web3, agentic commerce and more."
Large exchanges and digital asset platforms are looking to diversify from only crypto asset related trading activities. Reap offers U.S. Dollar and Hong Kong Dollar stablecoin physical and virtual cards for users.
With stablecoins at the forefront of every enterprise's roadmap, this is a play to own a stablecoin-focused company that has grown initially across Asia, and in 2026 had started to focus its attention more on providing its API and stablecoin card issuance services to the U.S.
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