Kraken acquires the Magna tokenization platform ahead of a potential IPO

Payward – the parent company of Kraken – has acquired the tokenization platform Magna to expand its service infrastructure. According to the announcement, Magna will continue to operate independently but will be supported by Kraken, while providing solutions such as onchain/offchain vesting, white-label token requests, custody, escrow, and specialized staking.

Magna CEO, Bruno Faviero, stated that the deal helps the company strengthen its organizational infrastructure, liquidity, and global distribution capabilities. Magna currently serves over 160 clients, with total locked value reaching a peak of $60 billion in 2025.

This move follows Kraken’s integration of ICE Chat and its confidential IPO filing with the U.S. Securities and Exchange Commission. In 2025, Kraken reported an adjusted revenue of $2.2 billion.