Payward Revenue Rises 17% in Q2 Amid Declining Crypto Spot Trading Volume

Payward, the parent company of Kraken, reported its second-quarter adjusted revenue at $508 million, up 17% year over year. This growth comes despite a decline in total platform transaction volume by 13% to $310 billion.

Crypto spot trading volume fell 27.9% industry-wide in the second quarter, while Payward gained spot market share for a third straight quarter. Its futures, equities and tokenised equities activity increased during this period.

The growth in accounts and balances aligns with a shift in Payward's revenue mix, where asset-based and other revenue rose to 60% of total revenue from 55% a year earlier. This is largely due to the expansion of its banking pillar, which includes a crypto-backed credit line launched for US clients in June.

Payward built this stack through two acquisitions this year: the Bitnomial deal and Reap, a stablecoin-native payments and card-issuing platform. The latter added payments infrastructure to Payward's banking and services operations.