Kraken parent Payward revenue rises 17% as trading volume falls in Q2

Payward grew revenue despite weaker crypto spot activity, as funded accounts jumped 42% and a growing share of revenue came from outside transaction-based activity.

Kraken parent Payward reported $508 million in adjusted revenue for the second quarter, up 17% year over year despite a decline in crypto spot trading and overall transaction volume.

According to Friday’s earnings report, total transaction volume fell 13% year over year to $310 billion, while funded accounts increased 42% to 6.6 million.

Payward remained adjusted EBITDA positive at $23 million. Asset-based and other revenue accounted for 60% of total revenue, up from 55% a year earlier, as the company generated a growing share of its revenue outside transaction-based activity.