Payward and SoFi Unite for 24/7 Dollar Settlement

Payward and SoFi have joined forces to expand their services to institutional clients. The two companies connected their networks on September 3, allowing for 24/7 dollar settlement between Payward's Kraken Prime and SoFi's Exchange Network.

The partnership also includes the listing of SoFiUSD, a bank-issued stablecoin redeemable 1:1 for the dollar, on Kraken. This means that Kraken clients can now settle and hold dollars on both networks at any time.

SoFi uses Payward's prime brokerage to route crypto trades made in its app, which is expected to improve price formation in transactions carried out by members.

Before this partnership, SoFi's settlement service was only available to its business banking clients. The company also reported that its crypto transaction revenue totaled $134.3 million in the second quarter, within total adjusted net revenue of $1.2 billion.