Kraken Parent Payward Posts $487 Million in Q3 Platform Revenue

Kraken parent Payward recorded $487 million in platform revenue in the third quarter, as trading activity fell year over year while the number of funded accounts grew.

Revenue declined 12% from a year earlier, while adjusted EBITDA dropped 67% to $60 million. Compared with the second quarter, platform revenue rose 12% and adjusted EBITDA increased 163%. Both measures remained below their year-earlier levels despite those quarterly gains.

Platform trading volume was $353 billion, down 30% year over year. Funded accounts, defined as accounts holding a balance above zero, increased 37% to 7.1 million.

Payward is expanding its tokenized stock business and plans to offer onchain perpetual futures to U.S. customers once it receives regulatory approval. The company also plans to enter prediction markets and issue its own token, with no timeline announced.