Payward Brings Banking and Crypto Closer Together with SoFi Partnership

A new partnership between SoFi and Kraken parent Payward has brought banking and crypto infrastructure closer together. The deal, announced in a recent statement, will grant Kraken customers access to SoFiUSD and its 24/7 dollar settlement network.

SoFi will utilize Kraken Prime for crypto liquidity, while Payward joins SoFi's Exchange Network and gains access to business banking services. This agreement marks an expansion of both companies' institutional businesses.

According to Co-CEO David Ripley, the partnership reflects 'the growing overlap between traditional finance and crypto.' The deal may eventually extend to qualified custody services, though no specific details were provided.