Payward revenue rises 17% despite lower trading

• Payward reported $508 million in adjusted revenue for the second quarter.
• Revenue rose 17% despite a 13% fall in transaction volume to $310 billion.
• Funded accounts increased 42% to 6.6 million as Payward expanded beyond spot crypto trading.

Payward, the parent company of Kraken, reported $508 million in adjusted second-quarter revenue, up 17% year on year.

Transaction volume fell 13% to $310 billion, while funded accounts increased 42% to 6.6 million during the quarter.

Payward remained adjusted EBITDA positive at $23 million, while asset-based and other revenue rose to 60% of total revenue.

The company said growth in traditional futures, equities and tokenised equities helped offset weaker crypto spot activity.

The results follow Payward's expansion into equities, tokenised stocks, pre-IPO exposure and futures over the past year.

Payward has also expanded its financial infrastructure through acquisitions including NinjaTrader, Bitnomial and the proposed acquisition of Magic Labs' wallet infrastructure business.