Kraken parent Payward sees revenue surge as tokenization expands

Payward said futures trading activity rose 51% year-over-year as Kraken's parent expanded through acquisitions including Bitnomial, Backed and Reap.

Payward, the parent company of crypto exchange Kraken, reported $507 million in adjusted first-quarter revenue as it expanded its presence in tokenized equities, regulated US derivatives and stablecoin payments through acquisitions and new products.

The company said futures trading activity rose 51% year-over-year, while assets on platform increased 11% to $40 billion and funded accounts grew 47% to 6.1 million. Payward also said its xStocks platform reached 100 tokenized equities and plans to expand to more than 500 by the end of 2026.

Payward completed acquisitions of tokenization company Backed, token management platform Magna and derivatives exchange Bitnomial during the quarter, while separately announcing a deal to acquire stablecoin payments company Reap for up to $600 million in cash and stock.

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