Payward Revenue Grew 17% in Q2 as Trading Volume Fell 13%

Payward, Inc., the parent company of Kraken, reported second-quarter adjusted revenue of $508 million, up 17% year over year, even as total platform transaction volume fell 13% to $310 billion.

Crypto spot trading volume fell 27.9% industry-wide in the second quarter, Finance Magnates reported, as eToro, Robinhood and Coinbase all posted declining crypto revenue.

Against that backdrop, Payward gained spot market share for a third straight quarter, while its futures, equities and tokenised equities activity increased.

Growth is Shifting Toward Assets Held on the Platform

Funded accounts rose 42% year over year to 6.6 million, with particular momentum in the EEA following Payward's MiCA authorisation. Measured at constant asset prices, client balances grew 48% year over year to $65 billion.

That growth in accounts and balances lines up with a shift in Payward's revenue mix. Asset-based and other revenue, tied to client balances rather than individual trades, rose to 60% of total revenue from 55% a year earlier.

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