Co-CEO Arjun Sethi said the firm kept investing through market weakness, leaning on acquisitions and futures growth to offset softer spot trading.

The crypto exchange is also seeking fresh funding at a $20 billion valuation as it ramps up acquisitions and prepares for a public listing.

Payward cuts 150 jobs as Kraken’s parent streamlines operations ahead of its planned IPO and seeks fresh capital.

Co-CEO Arjun Sethi said the firm kept investing through market weakness, leaning on acquisitions and futures growth to offset softer spot trading.