Kraken Parent Payward Reports 17% Rise in Q2 Revenue | LeapRate
Payward, the financial infrastructure platform behind crypto exchange Kraken, reported its latest quarterly results on Friday, with second-quarter adjusted revenue rising 17% to $508 million.
The increase comes as growth broadened beyond crypto trading.
The Wyoming-based company said it remained adjusted EBITDA positive at $23 million for the quarter ended 30 June. Funded accounts grew 42% year on year to 6.6 million. There was particular momentum in the European Economic Area following MiCA authorisation.
Asset-based and other revenue rose to 60% of total revenue from 55% a year earlier.
Total platform transaction volume was $310 billion, down 13% year on year, with the mix shifting towards equities and tokenised equities as crypto spot volumes declined across the industry.
Payward said it gained spot market share for the third consecutive quarter, while its traditional futures, equities and tokenised equities activity grew.
“Three forces are rearranging global markets: convergence across asset classes, the onshoring of activity into regulated venues, and the automation of market participation,” said Arjun Sethi, co-chief executive of Payward. “Each rewards the same decision we made years ago — to build one platform rather than a collection of products.”
During the quarter, the company launched what it said was the first CFTC-regulated spot margin offering for US retail clients and introduced Kraken Prop, a capital-backed proprietary trading program. It also completed its acquisition of Bitnomial in May, closed the Reap deal in July and agreed to acquire the wallet infrastructure business of Magic Labs.
Assets on the platform stood at $40 billion.
