SoFi and Payward Partner to Enhance Banking and Digital Asset Markets
SoFi Technologies and Payward have formed a strategic partnership aimed at enhancing banking, payments, liquidity, and digital asset markets. The collaboration will allow Payward to leverage SoFi's Big Business Banking capabilities and join the SoFi Exchange Network (SEN). This move is expected to unlock new pathways for institutional clients to clear and settle U.S. dollar transactions 24/7.
Payward will also list SoFiUSD on Kraken, expanding access to SoFi's bank-issued stablecoin for millions of retail, professional, and institutional clients using one of the world's leading digital asset platforms. Additionally, Kraken Prime, Payward's prime brokerage solution, will serve as an additional source of liquidity behind SoFi's crypto offering.
SoFi CEO Anthony Noto stated that the financial system should not shut down when markets stay open, and this partnership is a step toward building a trusted financial infrastructure for an always-on economy. David Ripley, Co-CEO of Payward, emphasized that money and markets are converging into a new financial paradigm, and the infrastructure underneath has to catch up.
SoFi launched Big Business Banking in April, bringing its enterprise banking and digital asset capabilities together in one offering. This partnership puts that model to work at scale and creates a foundation for the companies to expand their work together across payments, treasury, lending, and digital assets over time.