Payward, the company behind Kraken, reported a steep annual decline in third-quarter adjusted EBITDA as crypto trading activity weakened, while its funded-account base grew during the quarter.
Payward recorded $60 million in adjusted EBITDA for the third quarter, 67% less than in the same period last year. The measure rose 163% compared with the prior quarter. At quarter-end, the platform had 7.1 million funded accounts, a 37% increase over the past year.
Trading activity totaled $353 billion for the period, 30% below its year-earlier level. Payward reported $487 million under Total Platform Margin, its replacement for the former adjusted-revenue measure, a 12% annual decline.
EconoTimes previously reported on Payward’s third-quarter platform results.
