SoFi, Kraken Unite for Real-Time Dollar Settlement in Crypto Market

SoFi Technologies has partnered with Payward to connect its real-time payments network, SEN (SoFi Exchange Network), with Kraken's institutional prime brokerage service. This partnership will enable Kraken's clients to settle and clear US dollar transactions in real-time, 24/7, using SoFi's SEN platform.

The agreement also involves the listing of SoFiUSD, a dollar stablecoin issued by SoFi, on Kraken's exchange. Additionally, SoFi plans to utilize Kraken Prime as an additional source of liquidity for crypto trades executed through its app.

The partnership aims to facilitate seamless and efficient transactions between institutional clients and digital-asset markets. The companies are also exploring the possibility of expanding their collaboration into custody services, as well as cooperation in payments, treasury management, and lending.