Kraken Parent Payward Sees Revenue Growth Amid Declining Transaction Volumes

Payward, the parent company of cryptocurrency exchange Kraken, saw its total platform transaction volume decline to $310 billion in the second quarter. This drop was accompanied by a shift towards asset-based and other revenue sources, which generated 60% of Payward's total revenue, up from 55% a year earlier.

Despite this increase in non-transactional revenue, adjusted EBITDA fell to $23 million from about $80 million in the same period last year. This decline in profitability came despite a 17% year-over-year increase in adjusted revenue, which reached $508 million.

The number of funded accounts on Kraken climbed 42% to a record 6.6 million during this time, indicating continued user growth for the exchange.