Payward Profit Drops 67% in Third Quarter

Payward, the parent company of the Kraken exchange, recorded a 67% drop in its adjusted EBITDA for the third quarter. The figure reached 60 million dollars, down from the 181 million dollars reported in the same period last year.

The company adopted a new metric called total platform margin for its financial reports. This indicator fell 12% year-over-year, reaching 487 million dollars. The change excludes staking rewards paid to clients from the final calculation.

Total trading volume on the platform decreased by 30% over the year. The amount fell from 503 billion dollars to 353 billion dollars. The average assets under custody also saw a 21% decline, totaling 43 billion dollars.

Despite lower financial results, the company points to an increase in market share for spot volume. The index rose to 6.5% in September, up from 3.3% in the same month last year. Payward also revised second-quarter data by adjusting revenue figures previously classified as operating expenses.

The operation seeks to diversify its income sources with products, data, and services. This segment now accounts for 52% of the total platform margin. Furthermore, the company plans to migrate dollar bank transfers to its own master account at the Federal Reserve.