Payward Inc., the company behind the popular crypto exchange Kraken, reported a significant drop in third-quarter earnings compared to the same period last year. The decline comes as cryptocurrency markets continue to struggle, though the company did see some improvement from the second quarter.
Adjusted earnings before interest, tax, depreciation, and amortization fell to $60 million, a 67% decrease from the year-ago quarter. Total platform margin, a key metric for the company, dropped 12% to $487 million, while total platform transaction volume declined 30% to $353 billion.
The results reflect the broader challenges facing the crypto industry, as lower prices and reduced trading activity have impacted revenue streams. Despite the downturn, Payward Inc. highlighted that its performance improved sequentially from the second quarter, suggesting a potential stabilization in the near term.