Payward expands Kraken with $2B acquisition push
Article excerpt
Share Payward has expanded its financial infrastructure strategy beyond Kraken through regulated derivatives, tokenized equities, payments, banking services and technology offered to other financial companies. CoinDesk reported on Sept. 26 that co-CEO Arjun Sethi described Payward as one financial platform built around a shared infrastructure stack. Trading through Kraken forms one of four operating pillars alongside banking, asset management and Payward Services. The expansion comes as Payward’s revenue mix becomes less dependent on trading fees. The company reported $508 million in adjusted revenue for the second quarter of 2026, up 17% year over year. Adjusted EBITDA reached $23 million. Total platform transaction volume fell 18% year over year to $310 billion as crypto spot activity weakened. Payward said traditional futures, equities and tokenized equities grew during the quarter. Futures daily average revenue trades rose 8%. Asset-based and other revenue represented 60% of total revenue, compared with 55% one year earlier. Assets on the platform stood at $40 billion, while funded accounts reached a record 6.6 million. As crypto.news reported in August, the company changed the way it defines funded accounts after expanding its operating structure. The newer measure covers accounts across Payward platforms and can count subaccounts separately. Payward has used...
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Kraken agreed in March 2025 to acquire U.S. futures brokerage NinjaTrader for $1.5 billion, bringing traditional futures trading and regulatory capabilities into the group.
