Payward Revenue Surges 17% Despite Crypto Trading Decline

Kraken's parent company Payward reported an adjusted revenue of $508 million for Q2, a 17% increase from last year. The growth comes despite a decline in crypto spot trading and transaction volume.

Total transaction volume fell 13% 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 mix has shifted towards asset-based and other activities, accounting for 60% of total revenue this quarter compared to 55% last year. This growth is attributed to expansion into traditional futures, equities, and tokenized equities, which offset weaker crypto spot activity.