Payward, Inc. Overview
Pro stress-test →Payward, Inc., legally known as Kraken, is a US-based cryptocurrency exchange founded in 2011. It is the first cryptocurrency company to obtain a bank charter. By 2025, the platform had $207 billion in quarterly trading volume, ranked as the world's fourteenth-largest crypto exchange with 15 million users, and supported trading in 560 cryptocurrencies plus 11,000 stocks and ETFs in certain US states.
Strategic Profile
Pro stress-test →Payward is executing an aggressive acquisition strategy—recently purchasing NinjaTrader, Bitnomial, and Backed—to build unified financial infrastructure across trading, custody, tokenized assets, and payments. The company is valued at $20 billion as of November 2025, and confidentially filed a draft S-1 with the SEC in November for a planned IPO, though it paused IPO plans due to weak market conditions while still intending to list when conditions improve.
Competitive Landscape
Pro stress-test →Kraken competes against established fintech players such as Coinbase and Binance in the crypto exchange space. The platform differentiates through regulatory compliance, institutional-grade infrastructure, and a diversifying product suite spanning trading, custody, derivatives, tokenized assets, and payments. Its $1.5B revenue and $20B valuation position it as a top-tier player in crypto infrastructure.
Industry Context
Payward, Inc. operates in Cryptocurrency Exchanges & Digital Asset Trading.
Key facts
Founded: 2011 · Headquarters: Cheyenne, US · Employees: ~3,000 · Revenue: $1.5B (2024) · Market cap: $20B (private valuation, November 2025)