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Second-quarter revenue at Payward, the parent company of crypto exchange Kraken, rose 17%, the company said, as crypto spot trading volume declined. Funded accounts climbed 42% over the same period.
A growing share of revenue came from sources outside transaction-based fees. The volume-revenue divergence is the story inside the results. On a spot exchange, transaction fees move with trading activity.
Revenue expanding while volume contracts means the non-trading lines absorbed the gap. Payward confirmed that reading, saying a larger portion of second-quarter revenue came from non-transaction sources.
Funded accounts, up 42%, are the user metric Payward chose to disclose. The figure covers deposited users rather than active traders. A funded account reflects capital held on the platform.
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