SoFi Bolsters Crypto Trading Capabilities with Kraken Partnership

SoFi Technologies has partnered with Payward, the parent company of cryptocurrency exchange Kraken, to power its crypto trading capabilities within its banking app. This strategic partnership will connect SoFi's banking and dollar-settlement infrastructure with Kraken's digital-asset trading and liquidity network.

The agreement allows eligible Kraken institutional clients to move and settle U.S. dollars around the clock through SoFi Exchange Network (SEN), which enables 24/7 settlement beyond traditional banking hours.

Kraken will also list SoFiUSD, a dollar-backed stablecoin issued by SoFi, making it available to Kraken's retail, professional, and institutional clients. In turn, SoFi will use Kraken Prime, Payward's institutional prime brokerage service, as an additional source of digital-asset liquidity.