What Payward does

Payward, Inc., operating as Kraken, is a privately held digital asset platform founded in 2011 by Jesse Powell and headquartered as a remote-first organization with operational hubs in San Francisco and Wyoming. The company operates one of the longest-running cryptocurrency exchanges globally and serves more than 10 million users across 190+ countries, with cumulative transaction volume exceeding $2 trillion across spot, margin, and futures markets covering 600+ crypto pairs and 11,000+ stocks and ETFs.

The product stack spans a consumer-facing Kraken app for buying, selling, and staking crypto and tokenized equities; Kraken Pro and Kraken Desktop for active traders; Kraken Institutional for asset managers, hedge funds, ETP issuers, governments, and wealth managers; Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution (SPDI) providing qualified custody and fiat deposit accounts; Krak, a global money app with a Mastercard-backed spending card; Kraken Wallet, a self-custodial open-source wallet; and the xStocks tokenized equities platform. Underlying technology includes proprietary custody using hardware security modules and Multi-Party Computation (MPC), Proof of Reserves cryptographic attestations first published in 2014, and the CF Benchmarks Bitcoin Reference Rate acquired in 2019 and used by BlackRock and Ark Invest in spot Bitcoin ETFs. The announced $1.5 billion NinjaTrader acquisition (2024) extends the platform into U.S. retail futures.

The business model is predominantly transaction-fee based on trading volume, supplemented by staking commissions (ETH, SOL, TAO), margin interest, OTC trading, qualified custody and stablecoin rewards under Kraken Financial, subscription revenue from Kraken+, interchange from the Krak Card, lifetime commissions from the API Partner Program, and licensing royalties from CF Benchmarks indexes. Distribution combines self-serve mobile and web, dedicated institutional sales, OEM/white-label infrastructure via Payward Services, and channel partnerships including the xStocks Alliance with Trust Wallet (200M users). Leadership includes Co-CEOs David Ripley and Arjun Sethi, Co-Founder and Chairman Jesse Powell, CLO Ben Gray (formerly Global General Counsel at Paxos), and a distributed workforce of 2,900-3,000+ across 70+ countries.

Name

Payward

Legal name

Payward, Inc.

Website

https://kraken.com

Company type

Private

Founded year

2011

Operating status

Operating

Short description

Payward, Inc. operates the Kraken cryptocurrency and digital asset trading platform, serving 10M+ retail and institutional users across 190+ countries with spot trading, margin, futures, qualified custody under its Wyoming SPDI bank, tokenized equities, and staking services.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange and Digital Asset Trading Platform

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (5232), Commodity Contracts Intermediation (523160)

SIC

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

akta.pro primary industry

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

Keywords

• Cryptocurrency exchange
• Digital asset trading
• Institutional crypto custody
• Tokenized equities
• Crypto trading infrastructure

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Trading Fees: Transaction fees from spot trading, margin trading, and futures trading. Fee structure based on transaction size, type of asset, payment method, and market conditions. Maker fee rebate program for eligible trading pairs.
2. Staking Rewards: Staking services for ETH, SOL, TAO and other tokens where Kraken takes a commission from protocol-native rewards earned by stakers.
3. Margin Interest: Interest earned on margin loans provided to traders. Margin trading available up to 10x with additional fees for opening, closing, and holding positions.
4. OTC Trading: Over-the-counter trading desk for institutional and high-net-worth clients with multi-venue liquidity.
5. Custody Services: Qualified custody solutions for institutions under Wyoming SPDI banking license, including stablecoin rewards program.
6. API Partner Program: Lifetime commissions earned when partners integrate Kraken's API to enable spot and futures trading for their users.
7. Index Licensing: Revenue from licensing CF Benchmarks Bitcoin Reference Rate to Wall Street firms including BlackRock and Ark Invest for Bitcoin ETFs.
8. Kraken+ Subscription: Subscription service offering additional features and benefits for subscribers.
9. Krak Card: Crypto and cash spending card accepted wherever Mastercard is accepted, generating interchange fees.

Pricing tiers

Go-to-market motion5 records

Distribution channels8 records

Marketing channels7 records

Core offering

Payward operates the Kraken cryptocurrency exchange and trading platforms enabling individuals and institutions to buy, sell, and trade crypto, stocks, ETFs, futures, and tokenized equities across 600+ crypto pairs and 11,000+ stocks/ETFs. Core offerings include spot trading, margin trading up to 10x, futures trading, staking, OTC desk services, qualified institutional custody under a Wyoming SPDI banking license, white-label infrastructure via Payward Services, and a self-custodial mobile wallet. Revenue is generated through trading fees, staking commissions, margin interest, OTC fees, custody service fees, subscription fees (Kraken+), API partner commissions, and CF Benchmarks index licensing.

Product overview

Payward (d/b/a Kraken) operates a multi-product cryptocurrency and digital asset platform founded in 2011. The core offering consists of Kraken (consumer-facing exchange for buying, selling, trading crypto, stocks, xStocks, and perpetual futures) and Kraken Pro (advanced trading platform with margin, futures, and 600+ crypto pairs plus 11,000+ stocks/ETFs). Supporting products include: Kraken Institutional (custody, OTC, staking, exchange trading for institutions), Kraken Financial (Wyoming SPDI bank subsidiary for qualified custody and fiat accounts), Kraken Wallet (self-custodial mobile wallet), Krak (global money app for spending/sending), Kraken Desktop (desktop trading), Kraken API/CLI (developer access), Payward Services (B2B infrastructure), and xStocks (tokenized equities). Additional offerings include Kraken VIP, Kraken+, Kraken Prop, Kraken Borrow, Kraken Card, Kraken Staking, Kraken 360, Kraken Derivatives, and Kraken Colocation Service. The 2026 NinjaTrader acquisition ($1.5B) expands futures 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 Institutional
• Kraken Wallet
• Kraken CLI
• Kraken Desktop
• Kraken 360
• Krak
• xStocks
• Kraken VIP
• Kraken+

Products and services

• Kraken (Consumer App) Consumer-facing exchange platform for individuals to buy, sell, convert, stake, and auto-invest in crypto, stocks, xStocks, and perpetual futures, with simple onboarding, ACH deposits, credit cards, and Apple Pay/Google Pay.
• Kraken Pro Advanced trading platform for active traders providing leverage, deep liquidity, and fast execution across 600+ crypto pairs and 11,000+ stocks/ETFs, with margin up to 10x and API access on web, mobile, and desktop.
• Kraken Institutional Institutional suite for asset managers, hedge funds, corporations, ETP issuers, governments, market makers, protocols, VC firms, and wealth managers, providing exchange trading (spot and futures via API), OTC multi-venue liquidity, institutional staking, prime integrated offerings, and qualified crypto custody.
• Kraken Desktop Desktop trading application offering supercharged trading capabilities, advanced charting, and volume profile indicators for structural market analysis.
• Kraken Wallet Self-custodial mobile wallet enabling users to manage NFTs, tokens, and DeFi positions across eight blockchain networks; open-source code published on GitHub.
• Krak Global Money App Global money app for spending, sending, and growing cash and crypto at 80M+ merchants worldwide, including the Krak Card and Krak Vaults.
• Kraken Financial (Payward Financial SPDI Bank) Wyoming-chartered Special Purpose Depository Institution (SPDI) bank providing qualified digital asset custody for institutions, fiat deposit accounts, integrated OTC trading, and stablecoin rewards programs for institutional and private clients in US states, UK, and Australia.
• Payward Services (B2B Infrastructure) B2B white-label infrastructure service enabling third-party platforms to embed crypto trading, on/off ramps, and other capabilities, with onboarding that allows clients to go live in weeks.
• Kraken API Public API providing programmatic access to Kraken spot and futures markets for developers and automated trading systems, documented at docs.kraken.com/api/.
• Kraken CLI Command-line interface tool for AI agents and global markets enabling automated trading, paper trading DCA simulations, and price monitoring across cryptocurrency markets.
• CF Benchmarks (Crypto Index) Acquired crypto index subsidiary providing crypto indexes including the Bitcoin Reference Rate used by BlackRock, Ark Invest, and other Wall Street firms for Bitcoin ETF products, generating licensing revenue.
• NinjaTrader Leading U.S. retail futures trading platform acquired by Kraken for $1.5 billion (subject to adjustments), expanding professional futures trading capabilities.
• xStocks (Tokenized Equities) Tokenized equities product enabling trading of fractional ownership in traditional stocks and ETFs as on-chain tokens, integrated with Kraken Pro and offered to partners via the xStocks Alliance.
• Kraken Card Crypto and cash spending card accepted wherever Mastercard is accepted globally, allowing users to spend Kraken balances; available to eligible customers across the UK and EEA with additional markets coming.
• Kraken Derivatives (Crypto Options) Derivatives product line offering futures contracts and linear, USD-settled options on BTC and ETH, designed to scale crypto derivatives toward traditional market levels.
• Kraken 360 for Protocols Default partner program for token projects under Kraken Institutional, offering protocol investment, early investment services, and listing support for new tokens.
• Kraken Colocation Service Ultra-low-latency colocation trading service for institutional and individual clients, launched in partnership with Beeks Exchange Cloud for fairness, accessibility, and high-speed execution.
• Kraken Prop Proprietary trading platform enabling traders to use Kraken's capital to trade Nasdaq 100 and other instruments via evaluations starting at $20, with 24/7 no-expiry access.

Quantifiable outcome

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

Named customers3 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability4 records

Feature14 records

Partnerships

Six partnerships are on record, tiered core and flagship.

• Trust WalletcoreChannel Partner/ Reseller/ Distributor · 1 September 2025Trust Wallet joined the xStocks Alliance, unlocking tokenized equities access for its 200 million users. This partnership enables Trust Wallet users to access tokenized stocks through the xStocks platform.
• EU MiFID LicensecoreOthers · 1 August 2025Kraken obtained EU MiFID license enabling regulated derivatives offering in Europe. This regulatory milestone allows Kraken to serve European institutional and retail clients with compliant derivatives products.
• UpshiftcoreStrategic or Co-development Partner · 15 July 2025Kraken Institutional partners with Upshift to bring customers custom institutional vaults. Kraken Institutional clients can access DeFi yield directly from Kraken's qualified custody solution, tapping into bespoke and curated strategies through their existing Kraken relationship.
• NinjaTraderflagshipStrategic or Co-development Partner · 1 January 2025Kraken entered into an agreement to acquire NinjaTrader, the leading U.S. retail futures trading platform, for $1.5 billion subject to certain purchase price adjustments. This acquisition represents Kraken's expansion into professional trading for retail futures traders.
• Beeks Exchange CloudcoreTechnology or Integration · 1 January 2024Kraken engaged Beeks Exchange Cloud to launch a colocation service designed for fairness, accessibility, and high-speed execution. The colocation service is set to go live later in the year, enabling ultra-low-latency trading for institutional and individual clients.
• CF BenchmarksflagshipStrategic or Co-development Partner · 1 January 2019Kraken's 2019 acquisition of CF Benchmarks has positioned the company as a major provider of crypto indexes. BlackRock, Ark Invest, and other Wall Street giants use CF Benchmarks' Bitcoin Reference Rate for Bitcoin ETF products, generating licensing revenue for Kraken.

Scale indicators11 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• eToro: Multi-asset retail platform offering stocks, ETFs, and crypto under one account. Closely comparable to Kraken's consumer-facing stocks + crypto positioning, especially in Europe and Australia.
• Coinbase: Largest US publicly listed cryptocurrency exchange offering spot trading, staking, custody, and a broad institutional suite. Closest direct competitor to Kraken in retail and institutional crypto markets, with overlapping regulated US presence.
• Crypto.com: Global crypto exchange with a heavy consumer-payments and card focus (Crypto.com Visa card). Directly comparable to Kraken/Krak on retail exchange plus payments/card strategy and branded marketing spend.
• Binance: World's largest crypto exchange by trading volume, offering spot, futures, staking, and a broad product suite. Directly competes with Kraken on liquidity, pairs, and global retail share, though with a different geographic and regulatory footprint.
• Bitstamp: Long-standing European crypto exchange (acquired by Robinhood). Competes with Kraken on regulated spot trading and institutional liquidity in EU and US markets.
• Gemini: US-based, regulated crypto exchange and custodian founded by the Winklevoss twins. Overlaps with Kraken on retail spot trading, staking, and institutional custody with a similar regulatory-first positioning.
• Robinhood: US retail broker that now offers crypto trading plus tokenized stocks (via Bitstamp acquisition). Competes with Kraken/Krak Pro on US retail multi-asset trading and tokenized equities.

Emerging players

• Circle: Issuer of USDC stablecoin and provider of related financial infrastructure. Overlaps with Kraken Financial's stablecoin rewards and qualified custody offerings, and is a key ecosystem participant in crypto dollar liquidity.
• Paxos: Regulated crypto infrastructure provider issuing stablecoins (USDP, PayPal's PYUSD) and offering custody and execution-as-a-service. Overlaps with Kraken Institutional, Kraken Financial custody, and Payward Services B2B infrastructure.

Broad incumbents

• CME Group: Largest US derivatives exchange, listing Bitcoin and Ether futures. A broad incumbent competing with Kraken's derivatives expansion (especially post-NinjaTrader) and providing institutional benchmark pricing that Kraken's CF Benchmarks reference.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/krakenfx

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Payward