SoFi and Kraken Unite Banking and Crypto Markets Through Partnership
A new partnership between SoFi and Payward, the company behind Kraken, is set to bring together banking infrastructure and digital asset markets. The agreement will connect SoFi's payment and settlement network with Payward's crypto trading and institutional infrastructure.
Through this partnership, Payward will join the SoFi Exchange Network (SEN), which enables 24/7 dollar settlement for eligible institutional clients. This bridge between traditional finance and crypto markets is intended to address the difference in operating hours between the two sectors.
The deal also brings SoFiUSD, a bank-issued stablecoin tied to the US dollar, to Kraken's exchange. The partnership will provide additional liquidity to SoFi through Kraken Prime, which will power peer-to-peer transactions within the SoFi app.