Kraken’s Parent Payward Expands Beyond Crypto Trading as Revenue Falls 12%

Kraken’s parent Payward is increasingly relying on businesses outside crypto trading to support its financial performance as weaker market activity weighs on transaction fees. The company reported $487 million in total platform margin for the third quarter of 2026, representing a 12% decline from the same period last year. However, its expanding financial services operations helped offset some of the pressure, with revenue connected to client assets and access to products, data, and services accounting for a larger share of its business. Payward also reported signs of improvement compared with the previous quarter, as total platform margin increased 12% and adjusted earnings recovered alongside a pickup in trading activity.

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