Kraken Parent Payward Acquires Stablecoin Infrastructure Firm Reap for $600M — Second Major Acquisition in Weeks

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Payward, parent company of crypto exchange Kraken, struck a $600M deal to acquire Reap, a stablecoin-native card issuing and payments infrastructure provider. This is Payward's second major acquisition in weeks, signaling aggressive expansion into stablecoin payments infrastructure beyond exchange trading. Reap's card issuing capabilities would let Kraken offer direct stablecoin-to-fiat spending, competing with Coinbase's card offerings and positioning crypto exchanges as full-stack financial platforms.