Payward and SoFi Team Up for 24/7 Dollar Settlement on Crypto Platform
Kraken's parent company Payward has partnered with fintech firm SoFi to connect its real-time banking network with Kraken's crypto trading infrastructure.
The partnership will enable institutional clients on both platforms to settle US dollars 24/7, and SoFiUSD, a dollar-backed stablecoin issued by SoFi Bank, will be listed on Kraken.
SoFi will also route digital asset orders through Kraken Prime, which uses smart order routing technology, giving it access to liquidity across multiple trading venues. In return, Payward will gain access to SoFi's 24/7 dollar settlement network and its business banking services.
This deal is part of Kraken's broader push into traditional finance ahead of a planned IPO, which has been pushed back to the second quarter of 2027 at the earliest.