Kraken Acquires Token Management Platform Magna, Continues Expansion Ahead of IPO
Odaily News: Payward, the parent company of cryptocurrency exchange Kraken, has announced the acquisition of token management platform Magna, further enhancing its product portfolio and paving the way for a potential public listing. The transaction amount was not disclosed.
Magna primarily provides token vesting, claiming, and distribution management services for crypto project teams. It currently serves over 160 clients, with its platform's peak total value locked (TVL) reaching $60 billion in 2025.
This acquisition continues Kraken's recent M&A strategy. Last year, the company successively acquired U.S. futures platform NinjaTrader ($1.5 billion), derivatives trading platform Small Exchange ($100 million), as well as proprietary trading firm Breakout and tokenized stock issuer Backed Finance. In November 2025, Kraken also completed an $800 million funding round, valuing the company at $20 billion.
Magna will continue to operate independently, but its token lifecycle management tools will be integrated into Kraken's product suite for institutional clients.
