Kraken is quietly building one of the most vertically integrated financial companies in the world
most people still think Payward = Kraken
but look at what they’ve assembled:
> Kraken: crypto exchange, spot trading, custody, staking, equities and institutional products
> NinjaTrader: acquired for $1.5B, giving Payward nearly 2M futures traders + major US derivatives distribution
> xStocks: tokenized equities, already crossed $10B in combined exchange + onchain volume within its first 6 months
> Reap: acquired for $600M, adding global card issuance, stablecoin payments, cross border payments and treasury infrastructure
> Magna: token infrastructure for vesting, distributions, claims, staking and treasury; previously supported $60B in peak TVL (did the TRUMP token launch)
> Magic Labs: embedded wallet infrastructure that lets fintechs and apps create non custodial crypto wallets for users
Kraken isn’t just a crypto exchange anymore
Payward/Kraken has built a vertically integrated financial infrastructure empire across:
crypto, stocks, tokenization, derivatives, cards, stablecoins, payments, custody and financial infrastructure
they’ve acquired 7 companies in the last 12 months for a total of $2.75B
every acquisition brings them closer to owning another piece of the financial stack
insane execution