SoFi and Kraken Team Up for Smarter Crypto Trades

SoFi has opened its banking network to Kraken in a significant partnership that aims to simplify and speed up cryptocurrency transactions. The collaboration will enable Kraken traders to use SoFi's stablecoin, SoFiUSD, for buying, selling, and trading.

The deal also allows SoFi to tap into Kraken's Prime service, which scans global markets for the cheapest available prices in real-time. This means that SoFi users can now get better pricing on their trades, thanks to the partnership.

SoFi's Co-CEO, David Ripley, believes that this collaboration will 'unlock new pathways' for Kraken and its institutional clients by providing 24/7 access to settlement. He also notes that the infrastructure behind traditional banking is no longer sufficient in today's fast-paced financial landscape.