Kraken Parent Payward Sees 17% Revenue Jump in Q2

Payward, the parent company of Kraken, reported a significant increase in revenue for Q2. The financial infrastructure platform saw its adjusted revenue rise by 17% to $508 million.

The growth was not limited to crypto trading, with other areas also showing momentum. Funded accounts grew 42% year on year to 6.6 million, and 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. However, the mix shifted towards equities and tokenized equities as crypto spot volumes declined across the industry.