SoFi and Kraken Bridge Banking and Crypto with Strategic Partnership

SoFi Technologies and Payward, the parent company of crypto exchange Kraken, have formed a strategic partnership that blurs the line between traditional banking and cryptocurrency.

The deal allows each company to leverage its strengths: SoFi gets deeper access to cryptocurrency distribution, while Kraken gains real-time USD settlement infrastructure through SoFi's Exchange Network (SEN).

Kraken Prime, the exchange's institutional brokerage arm, will also handle execution services for SoFi's crypto offerings.

This partnership marks a significant milestone in the convergence of traditional banking and cryptocurrency. SoFi's stablecoin, SoFiUSD, is now listed on Kraken's platform, available to both retail and institutional users.