Kraken
Kraken sues PowerTrade over misappropriated funds
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Payward, the parent company of cryptocurrency exchange Kraken, has filed legal action against PowerTrade, alleging the firm misappropriated more than $6 million in digital assets.
Kraken now allows eligible users to use tokenized stocks and ETFs as collateral for futures and margin trading without selling their holdings.
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Kraken has started offering CFTC-regulated perpetual futures to eligible US customers through its Kraken Pro platform. The contracts are listed on Bitnomial, the exchange acquired by Kraken's parent company Payward.
Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Hong Kong-based Reap Technologies for up to $600 million in a cash-and-stock deal. The transaction values Payward at $20 billion and represents the company's largest acquisition to date.
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A wave of cryptocurrency exchange initial public offerings in 2025 highlighted the sector's maturation, but recent setbacks reveal heavy dependence on Bitcoin's price movements. Gemini's post-IPO struggles and Kraken's frozen listing underscore vulnerabilities to market cycles. Exchanges must prove revenue stability beyond Bitcoin rallies to sustain investor interest.
Kraken, a long-standing cryptocurrency exchange, has confidentially submitted a draft S-1 registration to the US Securities and Exchange Commission, advancing toward a potential initial public offering. This move follows the company's recent disclosure of a $20 billion valuation after raising $800 million. The filing highlights growing interest in crypto firms accessing US capital markets.