Kraken Parent Payward Revenue Up 17% in Q2

The takeaway is not the revenue gain but its composition: Payward grew while trading volume fell, which suggests the exchange model is shifting away from pure spot-fee dependence toward account-driven, non-transaction income. That matters for how crypto venues are valued and how they weather quiet markets. The open question is whether funded-account growth keeps translating into non-transaction revenue, or whether it reflects promotional acquisition that fades.