What Payward does

Payward, Inc. is a privately held financial infrastructure company founded in 2011 and headquartered in Cheyenne, Wyoming, operating as the parent entity behind Kraken and a portfolio of digital asset products. The company runs a single shared technology architecture — one global liquidity pool, one unified risk and margin engine, one collateral and settlement system, and one compliance and licensing framework — that powers 16 product interfaces across trading, custody, staking, yield, payments, tokenized equities, derivatives, lending, and benchmark data. Payward operates in 190+ jurisdictions under 100+ licenses and registrations, including a Wyoming SPDI bank charter (Kraken Financial) with the first Federal Reserve master account granted to a digital asset bank (March 2026), MiCA authorization in the EU, FCA registration in the UK, and pending OCC national trust charter application.

The product portfolio spans consumer-facing crypto trading via the Kraken app and Kraken Pro, professional futures trading through NinjaTrader and Breakout, tokenized equities via xStocks (over $30B in transaction volume since June 2025 across 125,000+ holders), CFTC-regulated derivatives via Bitnomial, index/reference data via CF Benchmarks, token lifecycle management via Magna, and stablecoin payments infrastructure via the pending Reap acquisition. Payward Services, the B2B infrastructure platform launched March 2026, embeds these capabilities into 1,900+ enterprise partners (including Bunq, Bitso, Bitget Wallet, MoneyGram, Franklin Templeton, Deutsche Börse, and Nasdaq) through a single API integration. In FY2025 Payward generated $2.2B in Adjusted Revenue (+33% YoY) with Q1 2026 Adjusted Revenue of $507M (+3% YoY), serving 6.1M funded accounts (+47% YoY) and holding $40B in assets on platform.

Payward's go-to-market is hybrid across consumer (Kraken app, Krak money app, Kraken Card), professional (Kraken Pro, NinjaTrader), institutional (Kraken Prime, Kraken Institutional, OTC), and enterprise (Payward Services API) segments. Revenue is generated via trading fees (approximately 47% from spot, margin, futures, and perpetuals across Kraken and NinjaTrader) and asset-based recurring revenue (approximately 53% from custody, staking, yield, payments, and financing). The company filed a confidential S-1 with the SEC in November 2025 and raised $800M at a $20B valuation from Citadel Securities, Jane Street, Oppenheimer, and Tribe Capital; plans were paused in March 2026 amid market conditions, though the filing remains active. A subsequent $200M investment from Deutsche Börse in April 2026 implied a $13.3B valuation, reflecting both strategic partnership deepening and a market-driven reset.

Name

Payward

Legal name

Payward, Inc.

Website

https://www.payward.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Payward is the parent company behind Kraken, operating a unified financial infrastructure platform spanning crypto trading, custody, tokenized equities (xStocks), derivatives, and payments, serving 6.1M consumer accounts and 1,900+ enterprise partners across 190+ jurisdictions under 100+ regulatory licenses.

Ownership category

akta.pro rank

Product category

Digital Asset Trading Infrastructure

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (5232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Brokerages & On/Off-Ramps (fiat rails, instant buy/sell) (FSAPADAG)

akta.pro secondary industries

On/Off-Ramp Providers (Fiat↔Crypto) & Cash-In/Cash-Out Networks (FSADAIAE), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

Keywords

• Cryptocurrency exchange
• Digital asset custody
• Tokenized equities
• Crypto derivatives trading
• Embedded finance APIs

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

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

Revenue model

1. Trading-based revenue: Revenue from trading fees across spot, margin, futures, and perpetual futures trading on Kraken and NinjaTrader platforms. Approximately 47% of total revenue (2025).
2. Asset-based revenue: Revenue from custody, yield/staking products, payments, and financing services. Scales with assets on platform ($40B as of March 2026). Approximately 53% of total revenue (2025).
3. xStocks Tokenized Equities: Revenue from tokenized equities trading and settlement on xStocks platform. Over $30B in transaction volume since launch.
4. Payward Services B2B Infrastructure: B2B infrastructure licensing and API access fees for partners embedding crypto trading, tokenized assets, staking, payments via single integration. 1,900+ B2B partners currently using shared infrastructure.
5. Institutional Services: Revenue from Kraken Prime (prime brokerage), Kraken Institutional (customized investment solutions), OTC trading, and institutional custody services.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Payward operates a unified digital asset and financial infrastructure platform that powers the Kraken multi-asset exchange, xStocks tokenized equities, NinjaTrader retail futures, CF Benchmarks reference data, Breakout prop trading, Payward Services B2B infrastructure APIs, Kraken Financial banking, and Kraken Prime institutional brokerage. It sells trading access, custody, staking, yield, payments, derivatives, and tokenized securities products to consumers, professional traders, institutions, and enterprise partners across 190+ countries.

Product overview

Payward is a unified financial infrastructure platform (parent company of Kraken) built on a single shared architecture spanning trading, custody, payments, lending, onchain finance, and benchmarks. The platform operates across 190+ jurisdictions with 100+ licenses and registrations. The product portfolio includes: Kraken (flagship multi-asset crypto platform), xStocks (tokenized equities platform), NinjaTrader (retail futures trading), CF Benchmarks (index and reference data), Breakout (proprietary trading evaluation), and Payward Services (B2B infrastructure API platform). Key acquisitions include Backed (tokenization infrastructure), Magna (token lifecycle management), Bitnomial (CFTC-licensed derivatives), and Reap (stablecoin payments). The architecture provides one global liquidity pool, one unified risk and margin engine, one collateral and settlement system, and one compliance and licensing framework across all products. In 2025, Payward generated $2.2 billion adjusted revenue with 33% year-over-year growth, serving 5.7 million funded accounts with $48.2 billion assets on platform.

Differentiator

Problem solved

Functional benefit

Brands

• Payward Services: B2B infrastructure platform providing crypto trading infrastructure, on/off-ramps, tokenized equities, derivatives, staking, and payment services through a single API integration for fintechs, banks, and enterprises.
• xStocks
• Kraken Pro
• Kraken Institutional

Products and services

• Kraken Flagship multi-asset crypto trading platform offering spot, margin, futures, options, staking, custody, and tokenized equities for retail consumers, professional traders, and institutional clients across 190+ jurisdictions.
• xStocks Tokenized equities platform enabling 24/7 trading of tokenized US stocks and ETFs backed 1:1 by underlying shares held in regulated custody; available on Kraken and partner platforms including Bitget Wallet, BNB Chain DEXs, Mantle, Bybit, and Bitso.
• NinjaTrader Leading retail futures trading platform serving individual and professional traders with futures trading technology, advanced charting, algorithmic trading capabilities, FIX API access, and prop trading pathways.
• CF Benchmarks Global index and reference data provider for digital asset financial products; provides benchmark indices and reference pricing used by CME for crypto futures contracts including Solana Futures and XRP futures.
• Breakout Crypto-native proprietary trading and evaluation platform enabling evaluation-based prop trading and capital access for traders worldwide.
• Payward Services B2B infrastructure platform enabling fintechs, neobanks, retail banks, brokerages, and payment providers to embed crypto trading, tokenized equities, staking, on/off-ramps, derivatives, and stablecoin payments via single API integration. Powers 1,900+ B2B partners.
• Kraken Financial Wyoming-chartered Special Purpose Depository Institution (SPDI) and the first digital asset bank in US history to hold a Federal Reserve master account; provides regulated custody and banking services for digital assets on a full-reserve basis.
• Kraken Pro Professional trading platform offering spot, margin, and futures trading with unified wallet for cross-margining; features sub-2ms round-trip latencies, advanced order types, and integration with CME-listed crypto futures.
• Kraken Prime Full-service prime brokerage offering institutional clients custody, trading, and financing services; provides institutional-grade infrastructure for asset allocators, family offices, and trading firms.
• Krak Global money app for crypto payments, savings, and spending launched in partnership with Mastercard; enables crypto transfers between users and salary direct deposit (Krak Salary Match) in select markets.
• Kraken Institutional Institutional services division offering bespoke investment solutions, OTC trading, custody, and prime brokerage; launched first bespoke investment solution with Bitwise Asset Management.
• Bitnomial CFTC-licensed crypto derivatives platform holding all three required CFTC licenses (Futures Commission Merchant, Designated Contract Market, Derivatives Clearing Organization); powers CFTC-regulated perpetual futures contracts for US traders on Kraken Pro.
• Reap Stablecoin-native card issuing and payments infrastructure company enabling global money movement; provides corporate cards, cross-border payouts, and stablecoin treasury management through a single API-driven platform.

Quantifiable outcome

• Processed $2T+ in annual transaction volume across platforms
• +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

Integration9 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and flagship.

• BybitcoreTechnology or Integration · 7 June 2026Bybit launched IPO Express powered by Payward Services' xStocks framework. SpaceX was the inaugural offering, enabling retail investors to access tokenized IPO allocations through Bybit accounts using USDC. Platform allows subscription to tokenized representations of publicly traded equities.
• UFCflagshipGTM or Marketing Partner · 5 June 2026NinjaTrader (Payward company) named Official Futures Trading Partner of UFC in multiyear partnership covering US and Canada. Becomes Presenting Partner of Dana White's Contender Series and Official Partner of UFC Freedom 250 at White House. Brand visibility across UFC's 700M+ global fans.
• Bitget WalletcoreTechnology or Integration · 19 May 2026xStocks integrated into Bitget Wallet giving 90M+ self-custodial users direct access to tokenized US stocks and ETFs (AAPLx, NVDAx, TSLAx, SPYx and hundreds more). Zero trading fees and gasless execution for users.
• Franklin TempletoncoreStrategic or Co-development Partner · 12 May 2026Strategic collaboration to bring traditional financial products onchain. Pairs Franklin Templeton's $1.74 trillion asset management and tokenization expertise with Payward's xStocks framework. Integration of BENJI tokenized money market funds across Kraken platform; co-development of new tokenized yield products for institutional and retail users.
• MoneyGramcoreChannel Partner/ Reseller/ Distributor · 5 May 2026Partnership enables Kraken customers to convert cryptocurrency to cash at MoneyGram retail locations worldwide. Addresses 'last mile' problem in crypto adoption with access to MoneyGram's 500,000+ retail locations across 100+ countries.
• BitsocoreTechnology or Integration · 29 April 2026Bitso launched xStocks tokenized equities in Argentina, offering 10 tokenized US stocks (AAPLx, NVDAx, TSLAx and others) tracking underlying assets on 1:1 basis. Argentinian users access global US equity markets starting from $5 with 24/7 trading.
• NasdaqcoreStrategic or Co-development Partner · 9 March 2026Partnership to develop Equities Transformation Gateway powered by xStocks. xStocks will power permissionless infrastructure layer for Nasdaq Equity Tokens, connecting regulated capital markets with decentralized blockchain ecosystems. Payward serves as primary settlement layer and provides KYC/AML onboarding for gateway participants.
• CirclecoreTechnology or Integration · 2 February 2026Partnership to accelerate global access and utility of USDC and EURC stablecoins. Strengthens stablecoin infrastructure integration across Kraken platform.

Scale indicators10 records

Recent moves14 records

Expansion highlights10 records

Direct peers

• eToro: Global multi-asset retail trading platform with crypto, equities, and derivatives. Comparable in combining traditional and crypto assets in a single retail interface; also pursuing tokenization initiatives.
• Anchorage Digital: Federally chartered crypto custody bank offering trading, staking, and infrastructure for institutional clients. Direct peer in regulated institutional digital asset services; comparable regulatory moat strategy.
• Binance: World's largest cryptocurrency exchange by trading volume. Direct competitor across global spot, derivatives, and tokenized assets; competes intensely on liquidity, fee tiering, and product breadth despite regulatory constraints in the US and UK.
• Gemini: US-regulated cryptocurrency exchange and custodian founded by the Winklevoss twins. Direct competitor in retail and institutional crypto trading and custody; comparable regulatory-first positioning.
• Bakkt Holdings: Institutional digital asset platform offering custody, trading, and brokerage across crypto and tokenized assets. Comparable focus on regulated infrastructure for institutional clients entering crypto.
• Coinbase: Largest US publicly traded cryptocurrency exchange offering spot trading, staking, custody, and a B2B platform (Coinbase Cloud/Prime). Direct competitor to Kraken across consumer, institutional, and developer segments, and the primary US competitor for the IPO pathway.
• Bitfinex: Long-standing crypto exchange operated by iFinex with deep liquidity in spot and derivatives. Comparable professional-trader orientation and tokenized-asset initiatives (e.g., XAUT, derivatives); competes globally with Kraken Pro.
• Galaxy Digital: Crypto-focused financial services firm spanning trading, asset management, investment banking, and mining. Direct peer in institutional crypto services, prime brokerage, and derivatives; also pursuing tokenization strategies comparable to xStocks.

Emerging players

• Circle: Issuer of USDC stablecoin with growing payments and tokenization infrastructure. Both partner and partial competitor — USDC integration underpins Payward's stablecoin utility, while Circle's expanding infrastructure (Arc blockchain, payment rails) creates adjacent competition.

Broad incumbents

• Robinhood: Multi-asset retail brokerage with crypto, equities, options, and futures. Overlaps with Kraken in retail crypto trading and increasingly in tokenized equities and futures; broad incumbent rather than crypto-native specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/krakenfx
• YouTubeyoutube.com/@KrakenCryptoExchange
• Facebookfacebook.com/KrakenFX
• LinkedInlinkedin.com/company/payward
• Instagraminstagram.com/krakenfx
• TikToktiktok.com/@krakenfx

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries10 records

Funding overview

Funding rounds2 records

Investors1 record

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

M&A4 records

Investments4 records

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

Frequently asked questions about Payward