Deal terms: Payward will acquire 100% of Bitnomial for up to $550 million payable in cash and stock, valuing the parent company’s equity at $20 billion. Licenses secured: The transaction gives Kraken control of a fully CFTC-regulated U.S. derivatives platform, including an exchange, clearinghouse and brokerage. Strategic impact: Bitnomial, the first crypto-native firm to hold the complete suite of CFTC licenses, spent over a decade...