Payward, the parent company of cryptocurrency exchange Kraken, has acquired tokenization platform Magna. The platform, which serves over 160 clients, will operate as a standalone unit powered by Kraken. The exchange stated it will use Magna for various institutional functions, including custody and token vesting. The acquisition is part of a series of recent moves by the company, which confidentially filed for a U.S. IPO in November 2025.
The parent company of Kraken, Payward, has expanded its infrastructure with the acquisition of tokenization platform Magna. Kraken stated the platform would operate as a standalone but be powered by the exchange.
Kraken will utilize the platform for onchain and offchain vesting, white-label token claims, and specialized staking functionality. “Joining Kraken gives us the resources to support existing and new clients with institutional-grade infrastructure, deeper liquidity, and global distribution,” said Magna CEO Bruno Faviero.
According to Kraken, Magna serves more than 160 clients and recorded a peak total value locked of $60 billion in 2025. The acquisition follows Kraken‘s recent integration with ICE Chat and an initiative to sponsor “Trump Accounts.”
Payward confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission in November. The company reported $2.2 billion in adjusted revenue for 2025.
In a separate 2025 expansion, Payward acquired trading firms Breakout, NinjaTrader, and Small Exchange, plus software company Capitalise. Other crypto firms are also considering U.S. public listings in 2026.
French hardware wallet provider Ledger is reportedly discussing a U.S. IPO with a potential valuation of $4 billion. London-based custodian Copper and tokenization firm Securitize are also reportedly eyeing U.S. markets.
