SoFi and Kraken Unite Traditional Finance with Crypto

SoFi and Payward, the company behind Kraken, have partnered to bridge the gap between banking infrastructure and digital asset markets. The partnership will allow institutional clients of Kraken to access 24/7 dollar settlement via SoFi's Exchange Network.

The deal brings together a huge consumer financial platform with institutional-level crypto lacks, providing a connection between traditional finance and crypto.

SoFiUSD, the bank-issued stablecoin issued by SoFi, will be traded on Kraken, giving it exposure to a wider customer base. The move is also thought to signal the increasing function of stablecoins as a link between classical cash and the crypto exchanges.