Kraken Parent Payward Posts 17% Revenue Growth, Broadens Beyond Trading
Summary
Payward reported Q2 adjusted revenue of $508 million, up 17% year over year, with adjusted EBITDA of $23 million. Growth was broad-based: funded accounts rose 42% to 6.6 million, and asset-based and other revenue climbed to 60% of total revenue from 55% a year earlier. Total platform transaction volume fell 13% to $310 billion as crypto spot volumes declined industry-wide, but the company gained spot market share for a third straight quarter and saw growth in futures, equities, and tokenized equities. This follows Q1's modest 3% revenue growth, marking a clear acceleration. The results show Payward's diversification strategy is working, reducing reliance on crypto spot trading. Watch for continued momentum in the EEA following MiCA authorization and the impact of recent acquisitions like Bitnomial and Reap on future quarters.
This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.