SoFi and Kraken Bridge Banking and Crypto with 24/7 Settlement
SoFi and Kraken have formed a strategic partnership to bridge the gap between banking infrastructure and digital asset markets. As part of this deal, Payward, the company behind Kraken, will join SoFi's Exchange Network (SEN), allowing institutional clients to clear and settle U.S. dollar transactions 24 hours a day, seven days a week.
The partnership also brings SoFiUSD, a bank-issued stablecoin designed to maintain a 1:1 value with the U.S. dollar, to Kraken's exchange. This will give the stablecoin exposure to Kraken's retail, professional, and institutional customer base.
SoFi will also route member crypto orders through Kraken Prime, leveraging the added liquidity of cryptos in its application for P2P transactions with users.
The partnership is intended to provide a wider scope of engaging traditional finance and crypto, with SoFi providing banking, payments, and dollar settlement infrastructure, while Payward provides exchange liquidity and prime brokerage and digital asset market access.