Kraken Parent Payward's Q3 Adjusted EBITDA Falls 67% YoY

November 13 – According to Bloomberg, Kraken's parent company Payward disclosed in a shareholder letter that its third-quarter adjusted EBITDA was $60 million, down 67% year-over-year. Total Platform Margin (which replaces the former adjusted revenue metric) was $487 million, down 12% year-over-year. Platform trading volume was $353 billion, down 30% year-over-year. The number of funded accounts rose 37% year-over-year to 7.1 million. Compared with the second quarter, adjusted EBITDA grew 163% and Total Platform Margin grew 12%. Payward is expanding its tokenized equities business and plans to launch on-chain perpetual contracts in the United States, subject to regulatory approval. In October the company agreed to acquire Saldo Bank, and it plans to enter prediction markets and issue its own token, without disclosing a specific timeline.