Payward, the parent company of crypto exchange Kraken, has acquired Magna, a token management platform that handles vesting, claims, distributions, and compliance workflows for more than 160 crypto projects. Financial terms were not disclosed.
The deal, announced Wednesday, is designed to extend Kraken’s reach beyond secondary-market trading into what the company calls the full “token lifecycle,” from early-stage fundraising through distribution and long-term ecosystem management. Magna will continue to operate as a standalone platform under Payward.
Magna, a Y Combinator Winter 2022 graduate last valued at $70 million, reached a peak of $60 billion in total value locked in 2025. Its core product automates tax withholding, legal compliance, white-label token claims, and custody and escrow workflows for crypto teams preparing for token generation events.
“If we do not build reliable lifecycle infrastructure, markets consolidate around whoever controls distribution and access,” Kraken co-CEO Arjun Sethi said. “With Magna, we are investing in open, chain-aware infrastructure that engages builders earlier and connects fundraising, distribution, and liquidity into a single operating layer.”
Magna CEO Bruno Faviero said joining Kraken would give the platform access to “institutional-grade infrastructure, deeper liquidity, and global distribution.”
Sixth acquisition in a year
The Magna deal is Kraken’s sixth acquisition in roughly 12 months, following its $1.5 billion purchase of U.S. futures platform NinjaTrader in March 2025, along with deals for tokenized-stock provider Backed and derivatives firm Small Exchange. The acquisitions come as Kraken reportedly filed confidentially for an IPO in November 2025 and released preliminary 2025 financials to mirror public reporting standards.
Kraken is not alone in this push. Coinbase acquired Liquifi, a direct Magna competitor, in July 2025 to offer similar token management services. The moves reflect a broader push among major exchanges to become full-stack platforms for token issuers and institutional investors.
Magna will remain available to existing customers. Kraken said it would share updates as product integrations advance.
