Payward Q2 revenue rose 17% to $508 million in the second quarter, as the Kraken parent said growth spread beyond crypto trading.
The Wyoming-based company said adjusted EBITDA stayed positive at $23 million in the quarter ended June 30. Meanwhile, funded accounts climbed 42% from a year earlier to 6.6 million. The company also said momentum was strong in the European Economic Area after MiCA authorisation.
Asset-based and other revenue made up 60% of total revenue, up from 55% a year earlier. However, total platform transaction volume fell 13% year on year to $310 billion. Payward said the mix moved toward equities and tokenised equities as crypto spot volumes declined across the industry.
Payward Q2 Revenue and Trading Mix
Payward said it won spot market share for a third straight quarter. At the same time, activity in traditional futures, equities and tokenised equities increased.
Arjun Sethi, co-chief executive of Payward, said three forces are reshaping global markets. He pointed to convergence across asset classes, the move of activity into regulated venues, and the automation of market participation. He said those trends support the firm’s choice to build one platform instead of separate products.
New Products and Recent Deals
During the quarter, Payward launched what it described as the first CFTC-regulated spot margin offering for US retail clients. Additionally, it introduced Kraken Prop, a capital-backed proprietary trading program.
The company also completed its acquisition of Bitnomial in May. Later, it closed the Reap deal in July and agreed to buy the wallet infrastructure business of Magic Labs. Assets on the platform stood at $40 billion.
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Source: LeapRate
