SoFi Integrates Payward into Real-Time Settlement Network for 24/7 USD Clearing
SoFi Technologies has partnered with Payward, the parent company behind crypto exchange Kraken, to integrate its real-time settlement network for 24/7 dollar clearing. This deal extends round-the-clock USD clearing to digital asset traders who have historically been stuck waiting for traditional banking hours to move dollars.
The partnership centers around SoFi's SEN (short for its real-time settlement network), which removes the bottleneck created by banks operating on weekday schedules. This allows Kraken's institutional clients to settle USD transactions 24/7, improving liquidity and execution through the exchange's Prime trading arm.
As part of the arrangement, Kraken will list SoFiUSD, a bank-issued stablecoin pegged 1:1 to the US dollar and redeemable for cash or cash equivalents. This listing gives SoFiUSD immediate distribution on a platform that handles substantial trading volume globally.