Payward, the parent company of Kraken, reported adjusted revenue of $508 million in the second quarter, up 17% year over year, despite a decline in crypto spot trading and overall transaction volume. Total transaction volume fell 13% to $310 billion, while funded accounts surged 42% to 6.6 million. Adjusted EBITDA remained positive at $23 million. Asset-based and other revenue accounted for 60% of total revenue, up from 55% a year earlier, as the company diversified beyond spot trading into traditional futures, equities, and tokenized equities.
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