Kraken snaps up $60B token platform Magna – IPO next?
Kraken's parent company, Payward, has acquired tokenization platform Magna for an undisclosed sum as it prepares for a potential IPO. Magna, which recorded a peak TVL of $60 billion in 2025, will operate as a standalone platform supported by Kraken's liquidity and resources. The deal enhances Kraken's capabilities in token issuance, vesting, staking, custody, and escrow services. This move aligns with Payward's confidential IPO filing with the SEC in November, following its reported $2.2 billion in adjusted revenue for 2025. Despite a challenging crypto market where Bitcoin has declined and newly listed firms trade below debut prices, Kraken aims to proceed with its public listing alongside other industry players like Ledger, Copper, Securitize, and Consensys.
ambcrypto02/19 09:01
