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The parent of the Kraken crypto exchange, Payward, is seeking to raise new capital at a $20 billion valuation, as the company looks towards going public in the future.

The funding effort was reported alongside a strategy that moves Kraken beyond spot token trading and deeper into markets such as derivatives, payments, and stablecoin-related rails.

Last week, Kraken announced its agreement to acquire Reap Technologies, a stablecoin-native, card-issuing and payments infrastructure company, for up to $600 million payable in cash and stock. The transaction is expected to close in 2026, subject to regulatory approval.

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