SoFi Bridges Traditional Banking with Digital Assets through Kraken Partnership

SoFi Technologies has partnered with Payward, the infrastructure company behind the Kraken cryptocurrency exchange, to expand its digital asset services and bridge traditional banking infrastructure with the rapidly evolving digital asset ecosystem.

The partnership will allow SoFi's institutional clients to clear and settle dollar transactions around the clock, removing constraints imposed by traditional banking hours. This is made possible through SoFi's Big Business Banking capabilities and Kraken's prime brokerage arm, Kraken Prime.

SoFiUSD, a dollar-pegged digital asset issued by a nationally chartered bank, will be listed on the Kraken platform, making it available to retail, professional, and institutional users. This move is expected to improve pricing for SoFi's existing user base of 15.8 million members.

SoFi CEO Anthony Noto stated that 'the financial system should not shut down when markets stay open.' The partnership also marks a significant step in SoFi's ambition to bridge traditional banking infrastructure with the digital asset ecosystem.