Kraken owner Payward reports $508 million in Q2 adjusted revenue as funded accounts surge 42% to 6.6 million.
Payward, the parent company of crypto exchange Kraken, reported a 17% year-over-year increase in adjusted revenue to $508 million for Q2. The growth occurred despite a 13% decline in total transaction volume, which fell to $310 billion.
Funded accounts rose 42% to 6.6 million, while asset-based and other revenue accounted for 60% of total revenue, up from 55% a year earlier. The company remained adjusted EBITDA positive at $23 million, driven by expansion into equities, futures, and tokenized assets.
Payward offset weaker crypto spot activity with gains in traditional futures, equities, and tokenized equities. The company also reported a third consecutive quarter of spot market share growth.