Kraken, SoFi Unite in Strategic Partnership Boosting Institutional Trading
SoFi and Kraken have announced a strategic partnership that integrates their platforms to provide seamless trading, settlement, and liquidity for institutional clients.
The collaboration connects three key functions: the SoFi Exchange Network (SEN) for real-time dollar clearing and settlement, the listing of SoFiUSD on Kraken's platform, and the use of Kraken Prime as an additional source of liquidity for SoFi app-based crypto orders.
Payward, Kraken's parent company, will join SEN to enable eligible institutional clients to clear and settle U.S. dollars in real-time, 24/7. This partnership also includes the listing of SoFiUSD on Kraken, a stablecoin backed one-to-one by cash issued by SoFi Bank.
The deal makes Payward an integral part of SEN, while SoFi gains access to Kraken Prime for additional liquidity and trade execution in its app.