Kraken Parent Payward suffered a revenue hit with third quarter adjusted EBITDA down 67%.
Payward, the parent company of Krakens, reported a 67% drop in adjusted EBITDA in the third quarter to $60 million, as total platform margin fell 12% to $487 million.
The platform's total transaction volume fell 30% to $353 billion, although Paywards' share of spot volume in the industry rose to 6.5%.
The company plans to improve its banking services by moving US dollar wires to a main Fed account, and is expanding its customer base with 1.5 million chargeable accounts.