Kraken Parent Payward Revenue Rises 17% as Adjusted EBITDA Falls

Kraken parent Payward saw total platform transaction volume fall to $310 billion in the second quarter, even as a larger share of its revenue came from asset-based and other sources.

Those businesses generated 60% of total revenue, up from 55% a year earlier. Adjusted revenue reached $508 million, a 17% year-over-year increase. 

Profitability weakened despite the revenue growth, with adjusted EBITDA dropping to $23 million from about $80 million in the same period a year earlier. 

The crypto platform’s funded accounts climbed 42% to a record 6.6 million.

Source: Payward