Kraken's parent company, Payward, saw a 71% year-on-year decrease in second-quarter pre-tax profit to $23 million.

August 14th, according to Bloomberg, the parent company of the cryptocurrency exchange Kraken, Payward, reported a second-quarter adjusted pre-tax profit of $23 million, a 71% year-on-year decrease from $79.7 million in the same period last year. Meanwhile, adjusted revenue for the same period increased by 17% to $5.08 billion, with a total platform trading volume of $310 billion, an 18% year-on-year decrease.

Payward stated that the number of funded accounts in the second quarter increased by 42% year-on-year to 6.6 million, reaching a historical high. Arjun Sethi, Co-CEO of the company, mentioned that as spot trading volumes in the industry declined, their traditional futures, stocks, and tokenized stocks business all experienced growth, with the company's spot market share continuously rising for the third consecutive quarter.

Against the backdrop of a slowdown in cryptocurrency market trading activity, several exchanges are expanding into derivatives and real-world asset-related trading. Payward laid off about 150 employees earlier this year and stated that the application of AI technology has improved operational efficiency.

Previously, Bloomberg reported that Payward's highly anticipated IPO could take place as early as later this year or be delayed until early 2027.