Kraken Parent Payward Posts $508 Million Revenue Amid Crypto Trading Decline
Kraken's parent company, Payward, reported a significant increase in revenue despite a decline in cryptocurrency trading volumes. The company generated $508 million in adjusted revenue for the second quarter ending June 30, marking a 17% year-over-year growth.
This result came during a period when crypto spot trading volumes declined across the industry, with Payward's total platform trading volume falling 13% year-over-year to $310 billion. However, the company reported increasing its spot market share for the third consecutive quarter.
The distribution of transactions on the platform shifted toward stocks and tokenized shares, contributing to a rise in asset-based and other revenues. These types of revenue now account for 60% of Payward's total revenue, up from 55% last year.