Payward, Inc. (Kraken)

What does Payward own?

Payward, Inc. owns and operates the Kraken cryptocurrency exchange and its related products including Kraken Pro, Kraken Institutional, Kraken+, and Kraken Financial, all under the Kraken brand.

Is Kraken publicly traded?

No. Payward, Inc. is privately held. The company has reportedly explored an IPO but had not completed one as of November 2026.

Who founded Kraken?

Jesse Powell, Thanh Luu, and Michael Gronager founded the company in 2011, launching the exchange in 2013. Powell built it after consulting for Mt. Gox and remains chairman and its largest shareholder.

Where is Kraken headquartered?

Kraken's parent Payward, Inc. is headquartered in Cheyenne, Wyoming, having relocated from San Francisco in 2022. It operates a distributed workforce and maintains offices globally.

Is Kraken the same as Payward?

Payward, Inc. is the legal corporate name; Kraken is the trade name and brand of its exchange and products. The two names refer to the same company.

Who owns Kraken?

The company is owned by its founders, employees, and investors including Blockchain Capital, Hummingbird Ventures, and Tribe Capital. Jesse Powell is the largest individual shareholder and chairman.

Is Kraken safe?

Kraken has operated since 2013 without a major hack of its core platform and publishes regular proof-of-reserves attestations. It is generally regarded as among the most secure exchanges, though all crypto platforms carry inherent risks.

Jesse Powell, Thanh Luu, and Michael Gronager founded the company in 2011 after Powell, then a consultant, advised the Mt. Gox exchange through its first hack and saw the need for a professionally built alternative. Kraken launched for trading in 2013, offering Bitcoin, Litecoin, and euro trading pairs at a time when crypto infrastructure was primitive.

The exchange grew through the 2010s as one of the few Western exchanges to survive repeated market cycles. It raised early funding from investors including Blockchain Capital and Hummingbird Ventures, expanded globally, and built a reputation for security and regulatory cooperation that separated it from less compliant competitors.

The 2020 to 2021 bull market transformed it into a major platform. It acquired staking and futures businesses, became the first crypto company to receive a Wyoming bank charter through its SPDI, and reached valuations reported in the tens of billions during private discussions.

In 2022 Powell stepped down as CEO amid controversy over his workplace conduct and public comments, moving to chairman. Dave Ripley became CEO and Arjun Sethi joined as co-CEO, forming the current co-leadership structure. The company has spent the mid-2020s expanding its product suite, reportedly considering an IPO, and navigating the U.S. regulatory environment, including a 2023 SEC settlement on staking that reshaped its American business.

Kraken engages in industry standard-setting around proof-of-reserves, publishing regular cryptographic attestations of client asset backing, a transparency practice it adopted ahead of most peers. Its regulatory posture includes licenses and registrations across multiple jurisdictions and a U.S. bank charter for its Wyoming entity.

Kraken is consistently ranked among the top cryptocurrency exchanges by volume and trust metrics in industry surveys, and Forbes has included it on lists of the best crypto exchanges. Its security record and proof-of-reserves practices are regularly cited as industry benchmarks, and its longevity is itself a frequently noted distinction.

Kraken's most significant regulatory matters involved the SEC. In February 2023 it paid $30 million to settle SEC charges that its staking service constituted an unregistered securities offering, agreeing to wind down its U.S. staking business, a settlement that influenced the entire industry's approach to staking.

A subsequent SEC lawsuit filed in November 2023 alleged the exchange operated as an unregistered securities exchange; the company contested the case and it became part of the broader industry legal battle over SEC jurisdiction. The changing federal regulatory posture under the 2025 administration altered the litigation environment for the industry broadly.

Jesse Powell's tenure generated separate controversies over his public comments on social issues and the company's workplace culture, which contributed to his 2022 transition from CEO to chairman. The company also faced sanctions-related scrutiny for allegedly allowing users in sanctioned jurisdictions, matters it has disputed.