Kraken parent Payward has reported a 67% annual drop in third-quarter adjusted earnings as weaker cryptocurrency trading activity weighed on its financial performance, despite a recovery from the previous quarter.
Summary
- Kraken parent Payward reported $60 million in Q3 adjusted earnings, down 67% from a year earlier, as trading volumes fell 30%.
- Funded accounts grew 37% to 7.1 million, while adjusted earnings rose 163% from the previous quarter.
- Payward plans to enter prediction markets and launch its own token, although it has not disclosed a timeline.
- Kraken is expanding into tokenized stocks and banking services as its long awaited IPO could be delayed until 2027.
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