Payward Acquires Bitnomial for $550M, Securing Regulated US Crypto Derivatives Stack

Payward, the parent company of Kraken, has made another significant move in the cryptocurrency space by agreeing to acquire Bitnomial, a US-based crypto derivatives platform. The deal, valued at up to $550 million, will give Payward control of a fully licensed US crypto derivatives stack, allowing it to expand into regulated markets.

The acquisition is a strategic move for Payward, which has been building out its derivatives and multi-asset capabilities through acquisitions. By acquiring Bitnomial, Payward gains access to infrastructure that would take years to build, including a designated contract market, a derivatives clearing organization, and a futures commission merchant. This will enable the company to offer regulated US derivatives services to its customers.

Bitnomial's platform is unique in that it has secured all three licenses required to operate a full-stack derivatives business, making it the first crypto-native platform in the US to do so. The exchange spent over a decade developing a system designed for digital assets, including crypto settlement and continuous trading.