Kraken is Growing Faster Than Coinbase, Yet Its Profits Crashed 71%

Payward, the parent of crypto exchange Kraken, made just $23 million in adjusted pretax profit last quarter. That is 71% less than a year earlier, according to a shareholder letter seen by Bloomberg.

The easy explanation is a crypto slump. The numbers say otherwise. Payward’s revenue rose 17% to $508 million while its largest rival got smaller.

Coinbase Shrank, Payward Grew

Coinbase files full…