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Payward, the parent company of cryptocurrency exchange Kraken, reported adjusted EBITDA of $60 million for the third quarter of 2026, recovering from the previous quarter while remaining significantly below the level recorded a year earlier. The company’s financial update, published on November 13, also showed higher platform transaction activity compared with the second quarter and outlined plans to expand into artificial intelligence-powered financial services.
Payward is seeking to build a broader financial platform that combines cryptocurrency trading, banking, asset management and payment services rather than depending exclusively on exchange transactions.
Transaction Activity Improves From the Previous Quarter
Payward reported total platform margin of $487 million for the third quarter, an increase of 12% from the second quarter but a decline of 12% compared with the same period last year. Adjusted EBITDA increased from $23 million in the second quarter to $60 million in the latest reporting period, although it was down from $178.6 million a year earlier.
Total platform transaction volume reached $353 billion, up 22% quarter over quarter. However, the figure was 30% lower than the third quarter of 2025, reflecting a more difficult year-on-year comparison for the business.
The company also reported 66 million contracts traded during the quarter, an increase of 84% from a year earlier. Its average assets on platform stood at $43 billion.
A Broader Business Beyond Exchange Trading
Payward has organised its strategy around four principal areas: trading, banking, asset management and services for business partners. In its latest update, the company identified artificial intelligence as an additional strategic focus.
The company sees opportunities to provide financial infrastructure to software agents that may need access to trading, payments, collateral and other financial services. Its stated vision is to allow these agents to operate through APIs and controlled sub-accounts rather than relying on unrestricted access to customer funds.
AI Agents Become Part of the Financial Strategy
Payward said it plans to introduce applications involving AI agents early next year. The concept is based on allowing customers to define limits and permissions for automated financial activity.
The strategy remains at an early stage, and the company will need to demonstrate how it can manage security, transaction authorisation and regulatory responsibilities when software agents interact with financial products.
Payward’s results show a business recovering from its previous quarter but still facing weaker year-on-year financial performance. Its expansion plans suggest that the company sees future growth in combining digital-asset services with broader financial infrastructure.
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