Payward Revenue Grows Despite Crypto Spot Volumes Decline

Payward's second-quarter revenue reached $508 million, up 17% from last year, despite a 13% decline in total platform transaction volume to $310 billion. The company credited growth in equities and tokenized equities trading for the increase, as well as its expansion into regulated markets through acquisitions.

The company's adjusted EBITDA remained profitable at $23 million, and its revenue mix became less dependent on transactions, with asset-based and other revenue accounting for 60% of total revenue. Funded accounts increased by 42% to 6.6 million, while assets held on the platform reached $40 billion.

Payward's co-CEO Arjun Sethi attributed the results to the company's strategy of building a single platform for crypto, equities, derivatives, and other financial products. This approach allows Payward to serve customers across multiple asset classes and reduce its dependence on any single source of trading activity.