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Payward, Kraken parent, posts $508 million Q2 adjusted revenue
Kraken parent Payward said funded accounts rose 42% to 6.6 million, even as platform transaction volume fell 13% year over year to $310 billion.
The Block reported that Payward, the parent company of Kraken, posted second-quarter adjusted revenue of $508 million, up 17% year over year, for the quarter ended June 30. The company said it remained adjusted EBITDA positive at $23 million despite softer spot activity across the crypto industry.
Payward reported that total platform transaction volume declined 13% year over year to $310 billion. The outlet said the company noted a shift in the mix toward equities and tokenized equities, and that it gained spot market share for a third consecutive quarter.
The disclosure also showed asset-based and other revenue rising to 60% of total revenue from 55% a year earlier, while funded accounts increased 42% to 6.6 million. Payward attributed the account growth to momentum in the European Economic Area following its MiCA authorization, according to The Block.
Payward said assets on platform stood at $40 billion and pointed to growth beyond trading as it approaches the IPO path. The Block added that Payward closed its purchase of derivatives venue Bitnomial on May 1, completed its acquisition of stablecoin payments platform Reap on July 1, and agreed on July 27 to acquire Magic Labs’ wallet infrastructure business to expand embedded wallets for its B2B services stack.