SoFi and Kraken Team Up on Banking and Crypto
Digital bank SoFi and crypto exchange Kraken have formed a partnership that gives Kraken access to SoFi's banking and dollar settlement rails, while bringing Kraken's trading infrastructure to SoFi's customers.
The deal allows Payward, Kraken's parent company, to join the SoFi Exchange Network (SEN), which enables institutional clients to move U.S. dollars and manage liquidity 24/7.
Kraken will also list SoFiUSD, SoFi's bank-issued stablecoin, while SoFi will use Kraken Prime as an additional source of liquidity for crypto trades made by its customers.
SoFi CEO Anthony Noto stated that the financial system should not shut down when markets stay open, highlighting the company's goal of allowing businesses to move money across networks without traditional banking infrastructure delays.