1 month ago
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Key Takeaways:
- Payward acquired Bitnomial for up to $550M, securing a full CFTC derivatives stack.
- The deal values Payward at $20B, up from a $13.3B implied valuation just months prior.
- For the first time on a regulated U.S. exchange, traders can use actual crypto as margin collateral.
- Kraken now directly competes with CME Group and Coinbase in institutional derivatives.
According to a CoinDesk report, the deal gives Payward something no other crypto-native firm in the United States currently holds: a vertically integrated, fully CFTC-licensed derivatives operation covering the exchange, the clearinghouse, and the brokerage arm simultaneously.
The transaction values Payward at $20 billion – a figure that looks considerably more aggressive when you recall that Deutsche Börse’s $200 million strategic investment, completed just months prior, implied a valuation of $13.3 billion o...
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