Reap

[[PROJECT:1665]] is a Hong Kong-headquartered fintech that provides global payment infrastructure for businesses, connecting stablecoin treasuries to the card networks and bank rails of traditional finance. Founded in June 2018, the platform serves crypto exchanges, neobanks, import/export firms, and Web3 companies that need to move money across borders or issue spending cards without first converting digital assets to fiat. Its primary stablecoin treasury operations run on Solana.

Stablecoin-Collateralized Visa Corporate Cards

Reap's flagship product is a Visa corporate card backed 1:1 by stablecoin collateral. Businesses deposit [[TOKEN:EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v]] (USDC) or [[TOKEN:Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB]] (USDT) to set a credit limit, then issue virtual or physical cards instantly. Cards are denominated in USD or HKD, carry no annual fee, and are accepted wherever Visa is accepted. Monthly repayments can be settled in USDC, USDT, or fiat. Reap holds Visa Principal Member status in Hong Kong and Mexico, allowing it to issue cards without a bank intermediary.

Spending controls operate at the individual card level. Finance teams can set limits by day, month, or year, restrict by merchant category, location, or time of day, and tie cards to specific projects or employees. A Chainalysis integration handles compliance screening and real-time fraud detection. Fireblocks underpins custody of the digital assets flowing through the platform.

Accepted deposit networks for card repayments include Ethereum, Polygon, Solana, and TRON, giving teams flexibility over which chain they settle from.

Cross-Border Payments

Reap's bill pay product inverts the typical cross-border wire: a business sends stablecoins to Reap, and the recipient receives local fiat currency via SWIFT, SEPA, or local payment rails. The company supports payouts in more than ten currencies, making the product practical for businesses with suppliers across multiple jurisdictions. The same infrastructure is available through APIs for platforms that want to embed cross-border payouts into their own products.

Embedded Finance APIs

Beyond its direct-to-business offering, Reap licenses the same infrastructure as a white-label platform. The card issuance API lets neobanks, fintech platforms, or Web3 wallets launch branded corporate card programs. The payments API automates global fiat payouts at scale. A newer agentic payments product exposes agent-native checkout so autonomous software agents can spend on behalf of a business entity, a capability the company began building out as AI-driven workflows became more common in enterprise finance.

Solana Treasury Strategy and PayFi Alignment

In March 2025, Reap announced a shift to manage its stablecoin treasury primarily on Solana, citing the network's throughput and lower per-transaction costs as better suited to high-volume enterprise flows. The announcement was paired with a partnership with Zodia Markets, a digital asset brokerage backed by Standard Chartered, to provide institutional liquidity and instant fiat settlement support.

Reap had already added Solana as an accepted deposit network for card repayments before the treasury announcement. Felix Chung, the company's Head of Business Operations, described Solana's performance characteristics and Zodia Markets' liquidity infrastructure as central to the company's vision for borderless, settlement-efficient finance.

The treasury shift aligns Reap with Solana's PayFi ecosystem, which positions the network as the settlement layer for stablecoin-native real-world payment flows. The company presented at Solana Breakpoint 2024, where it outlined its approach to bridging stablecoins with traditional card acceptance and B2B payment rails.

:::callout{type="quote" label="On the Solana shift" source="Felix Chung, Head of Business Operations, Reap — March 2025"} Solana's high-speed performance and Zodia Markets' liquidity infrastructure are crucial to our vision of a seamless, borderless financial ecosystem. :::

Licensing and Compliance

Reap holds payment service licenses in Hong Kong (its founding jurisdiction, licensed since 2018), Mexico, and Singapore, and is PCI DSS compliant. Chainalysis monitoring covers transaction flows for compliance and fraud purposes. The Visa Principal Member licenses in Hong Kong and Mexico allow Reap to issue cards directly, which the company positions as an advantage for businesses that cannot obtain traditional bank-sponsored credit facilities. Reap joined the Global Dollar Network in 2025, expanding its stablecoin payment infrastructure through that consortium.

Team and Company Background

Reap was co-founded by Daren Guo and Kevin Kang. Guo was among the first 100 employees at Stripe and led its Asia-Pacific business before leaving to start Reap. Kang brings a background in Canadian investment banking and Southeast Asian infrastructure investment. The company employs teams across nine countries.

In May 2026, Payward Inc., the parent company of Kraken, agreed to acquire Reap for up to $600 million, marking Kraken's first infrastructure acquisition in Asia. The transaction, expected to close in the second half of 2026, values Payward at roughly $20 billion. Reap is expected to continue operating as a standalone platform under Guo's leadership after close. The platform nearly tripled revenue in 2025, according to statements published at the time of the acquisition announcement.