Payward Q3 net profit falls 67% from a year earlier amid crypto weakness

Payward Inc., the parent company of U.S. crypto exchange Kraken, posted third-quarter net profit of $60 million, down 67% from a year earlier as weakness in the crypto market persisted, Bloomberg reported, citing a recent shareholder letter from the company. In the letter, Payward said total platform margin fell 12% year over year to $487 million, while total platform trading volume declined 30% to $353 billion. Payward added it will offer onchain perpetual futures trading in the United States, subject to regulatory approval, and plans to enter the prediction market business over the long term and issue its own token.