Kraken’s Parent Payward Expands Beyond Crypto Trading as Revenue Falls 12%
Summary
Kraken parent Payward reported $487 million in third-quarter 2026 platform margin, down 12% year over year but up 12% from the previous quarter as trading activity recovered. Revenue tied to client assets and access to products, data and services rose to 52% of platform margin, from 46% a year earlier, helping cushion weaker trading fees. Payward is expanding into banking, asset management, infrastructure services, futures, tokenized equities, payments, custody and lending. It has also invested in AAVE and held discussions with Wells Fargo and BNY, though no formal partnerships were confirmed. Adjusted earnings improved quarter over quarter, but the annual decline underscores the business’s continued exposure to crypto-market activity.
