SoFi and Kraken Parent Payward Link Banking Rails to Crypto Markets

SoFi Technologies and Payward, the parent company of crypto exchange Kraken, have announced a partnership that connects SoFi's banking and dollar settlement infrastructure to Kraken's trading platform. The deal has three key components: Payward joins SoFi Exchange Network, allowing Kraken's institutional clients to clear and settle US dollar transactions 24 hours a day, seven days a week.

Additionally, Kraken will list SoFiUSD, SoFi's bank-issued stablecoin that is redeemable one-to-one for dollars. This move provides users with an alternative to traditional fiat currencies when trading on the platform.

SoFi will also use Kraken Prime as an additional liquidity source for customer crypto trades, offering qualified custody as the relationship grows. This partnership has significant implications for the cryptocurrency market, allowing for more seamless and efficient transactions between traditional banking systems and crypto platforms.