Payward Revenue Jumps 17% Amid Crypto Market Slump

Kraken's parent company, Payward, has reported a 17% increase in adjusted revenue to $508 million for the second quarter. This comes despite a decline in crypto spot trading and overall transaction volume.

Total transaction volume fell by 13% year over year to $310 billion, while funded accounts increased by 42% to 6.6 million. Payward remained adjusted EBITDA positive at $23 million.

The company's revenue breakdown shows that asset-based and other revenue accounted for 60% of total revenue, up from 55% a year earlier. This growth is largely due to the expansion of traditional futures, equities, and tokenized equities, which has helped offset weaker crypto spot activity.