[Kraken's Parent Company Payward Reports Q3 Earnings: Total Revenue $487 Million, Down 12% YoY; Adjusted EBITDA $60 Million, Down 67% YoY] According to a Bloomberg report on November 13th, Payward, the parent company of cryptocurrency exchange Kraken, reported adjusted EBITDA of $60 million in the third quarter, a 67% decrease year-over-year, but a 163% increase compared to the second quarter. Total revenue was $487 million, a 12% decrease year-over-year but a 12% increase quarter-over-quarter; total trading volume decreased by 30% year-over-year to $353 billion. While trading volume declined, Payward's number of funds in accounts increased by 37% year-over-year to 7.1 million. This figure refers to accounts with a balance greater than zero. Bitcoin surged by approximately 40% from mid-August to early October, before subsequently declining due to concerns about inflation and the impact of the US midterm elections on the industry. Transaction fees are a major source of revenue for many cryptocurrency exchanges, and falling coin prices often dampen trading activity. To broaden its revenue streams, Payward is expanding its stock tokenization business and plans to offer on-chain perpetual contracts to US clients once it receives regulatory approval. The company reached an agreement to acquire Saldo Bank in October; Kraken also plans to enter the UAE market after receiving full approval from Dubai regulators. The shareholder letter also disclosed that Payward plans to enter the prediction market and issue its own token, but no timeline was announced. Earlier this year, Payward laid off approximately 150 employees, citing the need to improve efficiency through AI. According to a previous Bloomberg report, its IPO may not take place until 2027. Other exchanges also showed mixed performance: Gemini's third-quarter revenue declined 19% year-over-year, but its losses narrowed; Coinbase's revenue declined 35% year-over-year, but it returned to profitability.