Payward Plans to Launch Its Own Token, Q3 EBITDA Down 67% Year-on-Year

Payward plans to launch its own token and expand its prediction market business, with no specific timeline disclosed. The adjusted EBITDA for the third quarter was $60 million, a 67% decrease year-on-year, but a 163% increase quarter-on-quarter. The platform's total profit was $487 million, down 12% year-on-year, but up 12% quarter-on-quarter; the total trading volume on the platform was $353 billion, down 30% year-on-year; the number of accounts with a balance grew by 37% year-on-year to 7.1 million. To diversify its revenue sources, Payward is expanding into tokenized stocks and plans to launch on-chain perpetual contracts for U.S. users after obtaining regulatory approval. It has also agreed to acquire Saldo Bank in October. Kraken plans to enter the UAE market after receiving full approval from Dubai regulators. Earlier this year, Payward laid off about 150 employees, and Bloomberg reported that its IPO may be delayed until 2027.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.