Kraken

What Kraken does

Kraken, founded in 2011 and operated by Delaware-incorporated parent Payward, Inc., is a multi-asset cryptocurrency exchange serving retail, institutional, and DeFi protocol clients across 190+ countries. The platform combines a centralized limit order book and matching engine with REST and WebSocket APIs to deliver spot, margin (up to 10x), and perpetual and fixed-maturity derivatives (up to 50x) trading across more than 600 crypto pairs and 11,000+ stocks and ETFs. Products are exposed through a segmented front-end stack: the Kraken consumer app (simple buy/sell, recurring buys, Kraken+ subscription), Kraken Pro (advanced order types, deep liquidity), Kraken Desktop and the new Kraken CLI for AI agent workflows, Kraken Institutional (exchange API, OTC, prime brokerage, qualified custody, staking, and Kraken 360 for protocols), Krak (a global money app spending at 80M+ merchants with the Krak Card), and Kraken VIP for ultra-high-net-worth individuals. The xStocks tokenized equities platform, originated by Backed Finance AG and fully acquired in December 2025, offers 60+ tokenized equities and ETFs backed 1:1 by underlying assets, supports collateral use for margin, and has surpassed $10B in combined exchange and onchain volume within six months of debut.

The company earns revenue primarily through transaction fees on spot and derivatives trading via a maker-taker schedule that flips to negative maker fees (rebates) at the top volume tiers, plus commission on staking rewards, subscription revenue from Kraken+, transaction fees on xStocks, and institutional service fees across OTC, Prime, custody, and the Maple Finance-backed on-chain USDC warehouse facility that funds BTC and ETH-collateralized OTC lending without balance-sheet capital. Regulatory coverage spans MiCA CASP authorization in Ireland (passporting to 27 EU states), FCA registration in the UK, CySEC in Cyprus, AUSTRAC in Australia, FINRA/SIPC membership via Kraken Securities LLC, a Wyoming SPDI charter, CFTC oversight for US derivatives and prediction markets, and 46 US state money transmitter licenses. Operating geographies include North America (US, Canada, Mexico), Europe (Ireland, Cyprus, UK), and Oceania (Australia), with standalone entities for each major jurisdiction under the Payward umbrella.

Kraken reported $2.2 billion in adjusted revenue for 2025, up 33% year-over-year, with Q3 2025 revenue growing 50% quarter-on-quarter, and 5.7 million funded accounts as of June 2026. Customer count, transaction volume, and product breadth have scaled alongside an active inorganic growth program: acquisitions of TradeStation Crypto (April 2024), Small Exchange from IG Group for $100 million (October 2025, CFTC-regulated prediction markets), Backed Finance AG (December 2025), and additional undisclosed 2025 deals, combined with the FIFA World Cup 2026 Official Crypto Exchange Supporter partnership (June 9, 2026), have positioned the company for a planned late-2026 IPO at a $13.3 billion valuation. Leadership includes David Ripley (CEO), Arjun Sethi (Co-CEO and Founder), Jesse Powell (Chairman), Robert Moore (CFO), Mayur Gupta (CMO), Nicholas Percoco (CSO), and Stavros Vassiliades (COO and Executive Director).

Name

Kraken

Legal name

Payward, Inc.

Website

https://kraken.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Kraken, founded in 2011 and operated by Payward, Inc., is a multi-asset cryptocurrency exchange offering crypto, stocks, futures, and xStocks tokenized equities across 190+ countries. It serves retail, institutional, and protocol clients via regulated entities under a planned late-2026 IPO at $13.3B valuation.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange and Multi-Asset Trading Platform

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)

akta.pro secondary industries

Trade Finance & Receivables Tokenization (FSADAEAG), Settlement, Reconciliation & Merchant Treasury Tools (Crypto) (FSADAIAK), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Trade & Invoice Payments (Cross-Border B2B) (FSAMAIAL), Crypto Payment Gateways & Checkout APIs (FSADAIAA)

Keywords

• Cryptocurrency exchange
• Tokenized equities
• Crypto derivatives trading
• Institutional crypto services
• Crypto staking services

Headquarters

HQ city

Cheyenne

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Trading and Transaction Fees: Maker-taker fee structure on spot trading with volume-based tiers. Fees applied when orders are matched against the order book (taker) or add liquidity (maker). Derivative trading fees charged as percentage of notional order value.
2. Derivatives Trading Fees: Coin-M and Multi-M derivatives trading with maker-taker fee schedule ranging from 0.0200%/0.0500% (base tier) down to -0.0060%/0.0125% for highest volume tiers. Negative maker fees at top tiers indicate rebates.
3. Staking Rewards: Kraken offers staking services with projected annual rates. Platform earns commission on staking rewards distributed to users.
4. Institutional Services: Revenue from institutional offerings including OTC trading, Prime services, custody, and exchange API access for asset managers, hedge funds, and protocols.
5. xStocks Tokenized Equities: Platform fees from tokenized equities trading. xStocks surpassed $10B in combined exchange and onchain trading volume within 6 months of 2025 debut.
6. Institutional Lending (Maple Finance): On-chain warehouse facility enables Kraken to expand OTC lending business without tying up balance-sheet capital. Maple provides senior financing through SPV while Kraken handles origination, sale, and servicing.

Pricing tiers

Go-to-market motion4 records

Distribution channels9 records

Marketing channels6 records

Core offering

Kraken operates a centralized multi-asset trading platform that enables individuals and institutions to buy, sell, and trade cryptocurrencies, tokenized equities (xStocks), and futures derivatives across 190+ countries. The platform offers complementary services including crypto staking, margin and futures trading, qualified custody, OTC liquidity, on-chain lending via Maple Finance, and a global money app (Krak) for consumer payments. B2B infrastructure is provided through Payward Services, enabling third-party platforms to integrate Kraken's trading, custody, and tokenization capabilities.

Product overview

Kraken is a multi-asset cryptocurrency exchange and financial platform offering a comprehensive suite of trading products. The platform operates on a unified core infrastructure with multiple consumer-facing interfaces: Kraken (simplified buy/sell experience), Kraken Pro (advanced trading with leverage and full order book), and Kraken Krak (global money app for payments and savings). Institutional services are delivered through Kraken Institutional, which encompasses exchange trading via API, OTC liquidity, staking, Prime brokerage, and qualified custody. Derivatives and futures trading are offered through Kraken Futures/Derivatives with up to 50x leverage. The platform also includes xStocks for tokenized equities (including 60+ tokenized stocks/ETFs and pre-IPO access), staking rewards, Flex Line borrowing, and Kraken CLI for AI agent trading. B2B infrastructure is provided through Payward Services, enabling third-party platforms to integrate Kraken's trading capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• Kraken Pro: Advanced trading platform for active traders with leverage, deep liquidity, and fast execution across 600+ crypto pairs and 11,000+ stocks and ETFs.
• Kraken
• Krak
• Kraken Institutional
• Kraken VIP
• Kraken Desktop
• Kraken CLI
• Kraken+
• xStocks
• Kraken Prime
• Payward Services
• Kraken 360
• Kraken Flexline
• Kraken Bundles

Products and services

• Kraken Exchange Primary centralized cryptocurrency exchange platform for buying, selling, and trading digital assets with fiat currency support, real-time order matching, multiple order types, and regulatory compliance across multiple jurisdictions.
• Kraken Pro Advanced trading platform for active traders offering leverage, deep liquidity, and fast execution across 600+ crypto pairs and 11,000+ stocks and ETFs, available via web, mobile, and API.
• Kraken Futures / Kraken Derivatives Regulated derivatives trading platform offering perpetual and fixed-maturity futures contracts with up to 50x leverage, supporting Coin-M and Multi-M margining systems with the Equity Protection Process.
• xStocks Tokenized equities platform enabling 24/7 trading of tokenized representations of 60+ stocks and ETFs backed 1:1 by underlying assets held by licensed custodians, with collateral usage for margin trading and pre-IPO access offerings.
• Kraken Staking Cryptocurrency staking service allowing users to earn rewards by supporting network operations, with projected annual staking rewards rates based on historical performance.
• Kraken Flex Line Crypto-backed borrowing service allowing users to borrow against their crypto holdings without selling assets, part of Kraken's lending and credit infrastructure.
• Kraken Institutional Suite of institutional services including exchange trading (spot and futures via API), OTC liquidity, institutional staking, Prime brokerage, and qualified crypto custody for asset managers, corporations, hedge funds, protocols, and governments.
• Kraken Prime Institutional prime brokerage service providing integrated offerings for professional trading desks and asset managers with access to the full suite of Kraken services.
• Kraken Custody Qualified crypto custody service providing secure storage of digital assets for institutional clients with regulatory compliance and insurance protections.
• Kraken API Comprehensive API platform providing REST and WebSocket access for programmatic trading across spot markets, futures, and xStocks, with an API Partner Program enabling tiered lifetime commissions for integrated partners.
• Payward Services B2B infrastructure platform from Kraken providing white-label trading infrastructure, on/off ramps, xStocks tokenized equities issuance, and crypto trading infrastructure for third-party platforms.
• Krak Global money app for spending, saving, and growing crypto and cash, enabling spending at 80M+ merchants worldwide, earning APY on balances, and instant worldwide transfers with no fees via the Krak Card.
• On-Chain Warehouse Facility with Maple Finance On-chain institutional credit facility for BTC/ETH-collateralized OTC lending, replicating senior subordination, bankruptcy remoteness, and independent administration in a fully on-chain environment through a bankruptcy-remote SPV.
• Small Exchange Prediction Market Federally regulated prediction market operating under CFTC oversight in the US, acquired via the $100 million Small Exchange acquisition to expand Kraken's derivatives infrastructure.
• Kraken Prop Trading Proprietary trading service branded as Breakout Prop Trading, offering traders capital in exchange for profit sharing on trading strategies.
• Kraken 360 for Protocols Default partner program for blockchain protocols providing default liquidity, custody, staking, market-making services, and an early-stage protocol investment arm.
• Kraken Equities US-focused brokerage service provided by Kraken Securities LLC, a FINRA/SIPC member, currently available in the US only with geographic restrictions by state.
• Kraken CLI Command-line interface tool enabling AI agents to trade on the platform, featuring paper trading DCA simulation, price monitoring for ETH, SOL, and BTC, and global markets trading support.

Quantifiable outcome

• $2T+ transaction volume processed in 2025
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability3 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• Bending SpoonscoreChannel Partner/ Reseller/ Distributor · 27 June 2026Kraken (via Payward Services) enabling pre-IPO access to Bending Spoons through xStocks. Eligible customers across 110+ countries can register non-binding indications of interest ahead of ~$20B Nasdaq listing. BSPx token backed 1:1 by underlying shares, distributed on listing day.
• Maple FinancecoreStrategic or Co-development Partner · 25 June 2026Launched on-chain warehouse financing facility for digital asset-backed loans. USDC-denominated facility replicates institutional credit market structural protections in fully on-chain environment. Maple provides senior financing through bankruptcy-remote SPV while Kraken handles origination, sale, and servicing. Enables BTC/ETH-collateralized OTC lending without using balance-sheet capital.
• Aave GroupcoreStrategic or Co-development Partner · 25 June 2026Kraken (Payward) in advanced negotiations to acquire 15% equity stake in Aave at $385 million valuation. Deal involves exchange of 35,000 ETH (~$71M) for 250,000 AAVE tokens and equity. Would be Kraken's first investment in DeFi asset management ahead of IPO.
• FIFAflagshipGTM or Marketing Partner · 9 June 2026Kraken became FIFA's Official Crypto Exchange Supporter for 2026 World Cup, first crypto exchange to sponsor tournament. Covers 48 teams, 104 matches, 16 host cities across US, Mexico, Canada (June 11-July 19, 2026). Projected 6+ billion cumulative audience. Activation includes FWC26 signup code with Final ticket giveaways, fan engagement events across North America and Europe.
• DTCCcoreStrategic or Co-development Partner · 1 June 2026Collaboration on DTCC tokenization platform alongside 50+ financial institutions including JPMorgan, Goldman Sachs, BlackRock. SEC approval received December 2025. Will enable securities held in custody to be represented on blockchain networks. Live transactions start July 2026, commercial launch October 2027.
• NasdaqcoreStrategic or Co-development Partner · 1 March 2026Nasdaq partnership to use xStocks platform for issuing and trading tokenized equities. Builds on existing partnerships with Backed and CME Group. Nasdaq also distributing TotalView order book data to blockchain applications through Pyth Network.
• Backed Finance AGcoreStrategic or Co-development Partner · 2 December 2025Kraken acquired Backed Finance AG, issuer of xStocks tokenized equities platform. The acquisition unifies issuance, trading, and settlement of tokenized securities under one platform. xStocks offers 60+ tokenized equities and ETFs backed 1:1 by underlying assets, achieving $10B+ trading volume within 6 months of 2025 debut.
• Small Exchange (IG Group)coreStrategic or Co-development Partner · 16 October 2025Kraken acquired Small Exchange from IG Group for $100 million, enabling operation of federally regulated prediction market in US under CFTC oversight. Expands Kraken's market infrastructure with unified, regulated system for trading products.
• TradeStation CryptominorStrategic or Co-development Partner · 18 April 2024Kraken acquired TradeStation Crypto to expand US cryptocurrency exchange operations and regulatory licenses. Transaction accelerated growth and product opportunities in US market.
• Kraken 360coreChannel Partner/ Reseller/ DistributorDefault partner program for token projects seeking exchange listing, staking, and protocol services. Part of institutional offerings.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Coinbase: Largest publicly listed US cryptocurrency exchange offering spot trading, derivatives, custody, and institutional services across retail and professional segments. Closest comparable to Kraken across product breadth, regulatory footprint, and target customer base.
• Binance: Global crypto exchange with the largest spot and derivatives volume. Direct competitor in retail crypto trading, futures, and staking, though operates under weaker US/EU regulatory standing than Kraken.
• Gemini: US-regulated crypto exchange and custodian founded in 2014 serving both retail and institutional clients. Comparable to Kraken on regulatory-first positioning and institutional trust services.
• Crypto.com: Global crypto exchange offering spot, derivatives, staking, and a Visa card product. Comparable to Kraken in product breadth, consumer-facing app, and aggressive sports sponsorships.
• OKX: Top-tier global crypto exchange with strong derivatives volumes and Web3 wallet offerings. Comparable on multi-asset trading platform, derivatives depth, and developer/API infrastructure.
• Bybit: Top global derivatives-focused crypto exchange. Directly comparable to Kraken's Kraken Futures/Derivatives platform on leverage, perpetuals, and high-volume maker-taker pricing.
• Bitstamp: Long-running regulated crypto exchange (acquired by Robinhood in 2024) serving retail and institutional clients across EU and US. Comparable to Kraken on regulatory-first positioning and spot trading core.

Broad incumbents

• Robinhood: US retail brokerage with growing crypto, futures, and tokenization offerings. Comparable to Kraken's Krak/Kraken App consumer stack and US retail crypto exposure, though broader as a multi-asset broker.
• CME Group: Largest US-regulated derivatives exchange that has expanded aggressively into crypto futures. Comparable to Kraken Derivatives on regulated futures and institutional clients, though operates a much broader commodity/equity derivatives franchise.

Emerging players

• Bakkt Holdings: Crypto infrastructure and trading platform serving institutional clients with custody, execution, and tokenization services. Comparable to Kraken Institutional and xStocks tokenized equity offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/krakenfx
• YouTubeyoutube.com/kraken
• LinkedInlinkedin.com/company/kraken-exchange
• Instagraminstagram.com/krakenfx
• Facebookfacebook.com/KrakenFX

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries3 records

Funding overview

Funding rounds23 records

Investors65 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A21 records

Investments36 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kraken