Payward, Kraken’s parent company, reported that adjusted EBITDA fell 67% to $60 million, while total platform margin declined 12% to $487 million. Total platform transaction volume dropped 30% to $353 billion, although Payward’s share of industry spot volume increased from 3.3% to 6.5%. Average assets on the platform fell 21% to $43 billion, while rising 29% at constant prices. In September, Nasdaq agreed to invest $100 million in Payward at a $21 billion valuation. Revenue from client assets and access to products, data and services represented 52% of total platform margin, with 1.5 million billable accounts, up from 900,000 a year earlier.
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