Kraken and SoFi Team Up for Institutional Crypto Trading

Kraken and SoFi Technologies announced a deal to route SoFi customers' crypto orders through Kraken's institutional trading platform, Kraken Prime. The partnership will allow SoFi customers to trade cryptocurrencies without leaving their banking app.

The agreement also includes the listing of SoFi's stablecoin, SoFiUSD, on Kraken. SoFi customers who use Kraken Prime will gain access to qualified custody services later this year.

Kraken Prime uses smart order routing to compare prices and depth across multiple venues and execute trades where the fill is best. This means that SoFi customers will see no change to their app itself, but they will benefit from Kraken's advanced trading technology.