Kraken Is Building an Exchange That Depends Less and Less on Being an Exchange

For years, the economics of a crypto exchange were relatively easy to understand. The more investors traded Bitcoin and other assets, the more volume the platform processed and the more fees it could collect.That created enormously profitable businesses during crypto’s biggest cycles, but also businesses deeply dependent on those cycles.Kraken is beginning to show how that relationship can change.Payward, the company behind the exchange, reported $508 million in adjusted revenue in th