Cryptocurrency platform Kraken recently made several announcements including a significant acquisition, the release of its latest Proof of Reserves report, and strong endorsement from U.S. Senator Cynthia Lummis highlighting its contributions to Wyoming’s economy. These developments underscore Kraken’s ongoing efforts to expand its services, reinforce user trust, and deepen ties with supportive regulatory environments.
On February 18, 2026, Payward—the parent company operating Kraken—announced the acquisition of Magna, a prominent token management platform tailored for crypto-native teams.
Magna specializes in streamlining critical operations such as token vesting, claims, distributions, custody, escrow, and specialized staking across multiple blockchains.
The platform has supported more than 160 clients and achieved a peak total value locked of $60 billion in 2025.
Financial terms of the deal were not disclosed.
The move reflects Kraken’s strategy to evolve beyond trading and into comprehensive token lifecycle management.
By integrating Magna, Kraken aims to provide institutional-grade tools that connect early-stage fundraising, growth phases, token distribution, and liquidity provision into a unified, open infrastructure.
This allows projects to operate more efficiently without being locked into proprietary systems.
Magna will continue as a standalone service powered by Kraken, with initial focus on security enhancements and onboarding, followed by deeper product alignments in future phases.
Payward and Kraken Co-CEO Arjun Sethi emphasized the importance of reliable infrastructure to prevent market consolidation around distribution control.
Kraken Head of Onchain Calvin Leyon noted that the acquisition extends the platform’s decade-long trust-building from trading into full token and network lifecycles.
Magna CEO Bruno Faviero highlighted how the partnership will deliver deeper liquidity, global reach, and enhanced compliance for clients managing large token ecosystems.
Just weeks earlier, on February 5, 2026, Kraken published its December 2025 Proof of Reserves report, attested as of December 31.
The review confirmed that client assets—totaling approximately $48.2 billion, an 11% year-over-year increase—are fully backed at a 1:1 ratio or higher.
Covered assets include BTC, ETH, SOL, USDC, USDT, XRP, and ADA, encompassing spot balances, margin positions, futures holdings, and staked assets.
Kraken’s approach exceeds basic asset snapshots by incorporating total client liabilities and enabling individual user verification through open-source Merkle tree proofs and a third-party accounting firm.
This cryptographic method allows customers to privately confirm their funds are included without revealing personal data.
The exchange, which started Proof of Reserves in 2014, commits to quarterly publications alongside financial disclosures and plans to broaden coverage to additional assets.
Executives stress that true transparency requires verifiable proof rather than mere promises, setting a rigorous industry standard.
On the same day as the Magna announcement, Senator Cynthia Lummis of Wyoming publicly acknowledged Kraken for investing in the state’s future.
Absolutely delighted @krakenfx is investing in the Cowboy State's economic future. pic.twitter.com/bQHeaafZfX
— Senator Cynthia Lummis (@SenLummis) February 18, 2026
In remarks to the Wyoming Legislature, she announced Kraken’s commitment to sponsor “Trump Accounts” for every child born in Wyoming in 2026.
Lummis also noted the company’s relocation of its global headquarters to Cheyenne the previous year, citing the state’s crypto-friendly framework, which includes over 30 tailored laws for digital assets.
These updates collectively position Kraken as a maturing industry player: expanding technical capabilities through strategic buys, upholding exceptional financial transparency, and fostering economic partnerships in innovation-friendly jurisdictions. As the crypto sector grows, such initiatives strengthen user confidence and support broader adoption.