SoFi and Kraken Partner on Dollar Transfers and Stablecoin Access
SoFi and Kraken have joined forces to provide institutional clients of the latter with 24/7 dollar movement. This is made possible by Payward, Kraken's parent company, joining the SoFi Exchange Network (SEN). As a result, Kraken's clients can now move US dollars at any time without being restricted by banking hours.
SoFi will utilize Kraken Prime as an additional liquidity source for its crypto transactions. This move will provide extra liquidity to SoFi customers' in-app crypto trades. Furthermore, the dollar-backed stablecoin issued by SoFi, SoFiUSD, is now accessible to Kraken's retail, professional, and institutional clients.
The partnership between SoFi and Kraken may expand into other areas such as payments, treasury management, lending, and digital asset services in the future. However, for now, the agreement remains limited to dollar transfers, crypto liquidity, and access to SoFiUSD.