Kraken Q3 Revenue Hits $648M, Profit Falls 67%

Cointime reports: Payward, the parent company of crypto exchange Kraken, reported a 67% year-on-year drop in third-quarter profit on November 13, even as operating metrics expanded. Quarterly revenue reached $648 million, up 114% year on year on a GAAP basis net of transaction costs, while adjusted earnings came in at $178.6 million versus a slightly negative figure a year earlier. Trading volume rose 106% to $561.9 billion, funded accounts grew 46% to 5.2 million, and platform assets climbed 89% to $59.3 billion.