Kraken Parent Payward Reports $507M Q1 Revenue Amid Tokenization Push

Payward, the father or mother firm of crypto change Kraken, reported $507 million in adjusted first-quarter income because it expanded its presence in tokenized equities, regulated US derivatives and stablecoin funds by acquisitions and new merchandise.

The corporate stated futures buying and selling exercise rose 51% year-over-year, whereas assets on platform elevated 11% to $40 billion and funded accounts grew 47% to six.1 million. Payward additionally stated its xStocks platform reached 100 tokenized equities and plans to broaden to greater than 500 by the tip of 2026.

Payward accomplished acquisitions of tokenization firm Backed, token administration platform Magna and derivatives exchange Bitnomial throughout the quarter, whereas individually asserting a deal to accumulate stablecoin funds firm Reap for as much as $600 million in money and inventory.

Payward stated Bitnomial’s licenses issued by the US Commodity Futures Buying and selling Fee would assist regulated US crypto derivatives buying and selling, whereas Reap’s infrastructure is expected to broaden stablecoin-based card and funds providers throughout Asia, the Americas and Europe.

The corporate additionally expanded its tokenized equities enterprise by xStocks partnerships with Nasdaq and Deutsche Börse’s 360X platform, whereas launching a business-to-business platform providing fiat-to-crypto onramps, token launch infrastructure and derivatives entry by a single API.

Supply: Payward

Associated: Kraken joins LayerZero exodus as it switches to Chainlink CCIP

Crypto firms make cuts as AI adoption grows

The replace comes as crypto firms lower jobs amid weaker buying and selling exercise and elevated use of synthetic intelligence instruments throughout the business.

Bloomberg reported Friday that Kraken just lately cut about 150 employees as the corporate expanded its inside use of AI. The report stated the layoffs might delay Kraken’s deliberate US public itemizing till 2027.

Final week, Dune, a blockchain analytics and onchain knowledge platform, stated it fired 25% of its workforce as a part of a restructuring targeted on its core merchandise. CEO Fredrik Haga stated the corporate stays “nicely capitalized” and is rising its concentrate on AI and institutional crypto adoption.

Earlier this month, Coinbase stated it will cut about 700 employees, or about 14% of its workforce, as the corporate reorganizes round smaller groups and wider use of AI instruments.

Crypto-related firms have lower greater than 5,000 jobs up to now this yr, with monetary know-how firm Block asserting one of many sector’s greatest reductions in February, cutting about 4,000 employees.